Citigroup to cut 11,000 jobs
Citigroup announced on Wednesday that it would slash 11,000 jobs, or roughly 4 percent of its current workforce, in an effort to cut costs.
The US bank says the bulk of reductions would come from its consumer banking business, with 6,200 positions to be removed. The institutional clients division, and operations and technology group will also see big cuts.
Citigroup said the re-positioning should generate about 900 million US dollars in cost savings next year, and annual expense savings of more than 1 billion dollars beginning in 2014. It is expected to reduce expenses and improve efficiency across the company, while maintaining its unique capabilities to serve clients, especially in the emerging markets.