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:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Republic Day

Reuters Showcase

Banking Revolution

Banking Revolution

India turns to corner shops, mobile phones for banking revolution.  Full Article 

Nuclear Group

Nuclear Group

China urges India to take steps to satisfy standards of NSG  Full Article 

Gold Market

Gold Market

Chinese gold demand holds up ahead of holiday, Indian buying weak  Full Article 

India-U.S. Relations

India-U.S. Relations

Column - U.S. and India should join to balance China's rise  Full Article 

Nuclear Deal

Nuclear Deal

Obama reveals nuclear breakthrough on landmark India trip  Full Article 

Australian Open

Australian Open

Serena avenges French Open loss to reach quarter-finals.  Full Article 

Miss Universe

Miss Universe

Miss Colombia is crowned Miss Universe for 2015.  Full Article 

SAG Awards

SAG Awards

'Birdman' wins top honor from actors in march toward Oscars.  Full Article 

Climate Change

Climate Change

U.S.-China climate deal does not put pressure on India, says Modi  Full Article 

Reuters India Mobile

Reuters India Mobile

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