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News

11 December 2012

Citigroup To Take $1 Billion Charge, Cut 11,000 Jobs

Citigroup’s announcement that it will slash 11,000 jobs worldwide underscores its major contraction since nearly collapsing during the financial crisis and its continuing battle against high operating costs and persistently sluggish markets.

The cost-cutting fervor, including tens of thousands of Wall Street jobs slashed in recent years, is expected to continue at Citigroup and other banks as they combat sagging stock prices, lackluster revenue and new regulations that damp profits.

The cuts at Citigroup, many coming from its global consumer banking business, reflect a new emphasis on aiming at commercial banking jobs, some bank analysts said, rather than mainly eliminating investment banking positions.

http://dealbook.nytimes.com/



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