FACTBOX - Where Citigroup is cutting jobs

Wed Dec 5, 2012 11:55pm IST

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/Files

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012.

Credit: Reuters/Brendan McDermid/Files

Related Topics

Stocks

   

REUTERS - Citigroup Inc (C.N) said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses.

Wednesday's announcement is the first major move by new Chief Executive Michael Corbat, who took charge in October after directors pushed out his predecessor, Vikram Pandit.

Here is a breakdown of the planned job cuts:

* Institutional Clients Group: 1,900 positions, of which more than half are in technology and operations functions.

* Global Consumer Banking: 6,200 positions, about 40 percent of which are in operations and technology.

Citi said it plans to sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay. The bank also plans to shed 84 branches in Brazil (14), Hong Kong (7), Hungary (7), Korea (15) and the United States (44). It will have 4,000 retail branches worldwide after the reductions.

* Citi Holdings: 350 positions in the unit that contains unwanted assets being disposed of after the financial crisis.

* Corporate/Other: About 2,300 technology and operations positions and about 300 global functions positions.

(Reporting by Rick Rothacker in Charlotte, North Carolina, and David Henry in New York; Editing by Leslie Gevirtz)

FILED UNDER:

Fast-tracking Projects

REUTERS SHOWCASE

Oil Prices

Oil Prices

Oil resumes slide after brief rebound on short-covering.  Full Article 

Space Programme

Space Programme

ISRO tests its heaviest space launch vehicle, eyes global market   Full Article 

Coal India Strike

Coal India Strike

Coal India workers threaten five-day strike, stokes output worries  Full Article 

Gold Discount

Gold Discount

Dealers offer gold discount for first time in five months  Full Article 

Lakhvi Granted Bail

Lakhvi Granted Bail

Pakistan court bails man accused of masterminding Mumbai attack  Full Article 

GST Bill

GST Bill

Cabinet clears bill for nationwide goods and services tax.  Full Article 

Aviation Sector

Aviation Sector

Breakingviews: SpiceJet rescue is no fix for India aviation woes.  Full Article 

Global Economy

Global Economy

Fed confident on U.S. growth, opens door wider to rate hike.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage