Citigroup to Cut 11,000 Jobs, Take $1 Billion Charge

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Bloomberg:

 

Citigroup to Cut 11,000 Jobs, Take $1 Billion Charge

By Donal Griffin - Dec 5, 2012 9:03 AM CT

Citigroup Inc. © Chief Executive Officer Michael Corbat, who took over the bank in October, is cutting more than 11,000 jobs, scaling back operations in some emerging markets and taking a $1 billion charge this quarter in an effort to drive down costs.

The institutional clients group, which includes trading, investment banking and transaction services, will cut about 1,900 jobs, New York-based Citigroup said today in a statement. That move seeks to “improve overall productivity in our markets business, especially in areas experiencing continued low profitability, such as cash equities,” the bank said. The stock jumped more than 4 percent in New York trading.

Citigroup to Take $1 Billion Charge, Eliminate About 11,000 Jobs

 

Citigroup Inc., the third-biggest U.S. bank, said it will take a pretax charge of about $1 billion this quarter as part of a plan to eliminate more than 11,000 jobs.