Citi To Cut 11000 Jobs Worldwide To Save $1.1 Billion A Year

Citi To Cut 11000 Jobs Worldwide To Save $1.1 Billion A Year

New York City : NY : USA | Dec 05, 2012 at 9:15 AM PST
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Banking giant Citigroup Inc. is all set to cut 11,000 jobs worldwide to save around $1.1 billion a year in expenses. This is about 4% of the group’s total numbers of employees worldwide. The company is currently trying to recover from financial crisis.

“We have identified areas and products where our scale does not provide for meaningful returns,” the Huffington Post quoted Citi’s new chief executive Michael Corbat as saying in a statement. “We will further increase our operating efficiency by reducing excess capacity and expenses,” he added.

This is going to be Corbat’s first major decission since he got into the post in Oct. after Vikram Pandit resigned. Immediately after the official announcement, Citigroup’s shares rose nearly 4% to $35.62, reported the Huffington Post.

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Citi To Cut 11000 Jobs Worldwide To Save $1.1 Billion A Year
Citi To Slash 11000 Jobs Worldwide To Save $1.1 Billion A Year
Pijush Mitra is based in Kolkata, Bangla, India, and is a Reporter on Allvoices.
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News Stories

  • Citigroup Announces 11,000 Job Cuts Worldwide

      Sky News
    The move by new CEO Michael Corbat will save $900m (£559m ) in 2013, and more in subsequent years. Citigroup shares rose 4% on the New York Stock Exchange shortly after the news, to $35.62. While Citi declined to provide any exact figures, the job...
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  • Citigroup to cut 11,000 jobs worldwide, 4% of workforce

      Baltimore Sun
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