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