Citi To Cut 11000 Jobs Worldwide To Save $1.1 Billion A Year
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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 for Allvoices.
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  • 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...
  • Citigroup plans to eliminate thousands of jobs from its workforce

      Big News Network
    The job cuts, representing 4 percent of the financial companys total staff, are expected to slice about $1.1 billion annually on the expense side while reducing annual revenues by less than $300 million. The move comes less than two months after...
  • Citigroup's new chief cuts 11,000 jobs as 'logical next step'

      The Independent
    Suggested Topics Citigroup, fresh from a boardroom tussle that led to Vikram Pandit's ousting from the chief executive's chair, announced 11,000 redundancies today, a move that will cost the financial behemoth more than $1bn (£620m). Its shares...
  • Citigroup to cut 11,000 jobs worldwide, 4% of workforce

      Baltimore Sun
    Citigroup Inc will eliminate 11,000 jobs worldwide, about 4 percent of its total staff, in a move to save as much as $1.1 billion a year in expenses, the company said on Wednesday. The move will initially result in pre-tax charges of $1 billion to...
  • Where Citigroup is cutting jobs

      Indian Express
    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,...
  • New Citigroup CEO announces 11,000 job cuts

      Sydney Morning Herald
    Michael Corbat, who took the lead of the mega-bank on October 16, said it would slice more than 11,000 jobs, mostly in its global consumer banking division, and take a $US1 billion charge in the 2012 fourth quarter and another $US100 million in the...

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