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Citigroup to cut more than 11,000 jobs worldwide - The Times of India
NEW YORK: Citigroup said on Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4% of Citi's workforce of 262,000.
The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi's consumer banking unit, which handles everyday functions like branches and checking accounts.
Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world "that have the highest growth potential in consumer banking.''
NEW YORK: Citigroup said on Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4% of Citi's workforce of 262,000.
The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi's consumer banking unit, which handles everyday functions like branches and checking accounts.
Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world "that have the highest growth potential in consumer banking.''