Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge

[Gerald]

Citigroup announced on Wednesday that it would cut 11,000 jobs, reducing its work force by roughly 4 percent in an effort to cut costs.

Under the reduction, 1,900 jobs will be eliminated in the institutional clients division. Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group. The bank’s shares rose about 4 percent in morning trading.

The reductions at Citigroup come after the bank’s powerful chairman, Michael E. O’Neill, engineered the ouster of its former chief executive, Vikram S. Pandit, and named a handpicked successor, Michael L. Corbat, according to several people close to the bank.

http://dealbook.nytimes.com/2012/12/...ion-charge/?hp

Eleven thousand job, not good news


Note: December 5, 2012, 9:22 am