Citigroup To Cut More Than 11,000 Jobs As It Looks To Lower Expenses

Source: AP / The Washington Post

NEW YORK — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi’s workforce of 262,000.

The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking accounts.

Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world “that have the highest growth potential in consumer banking.”

About 1,900 jobs will come from the institutional clients group, which includes investment banking. The company will also cut jobs in technology and operations by using more automation and moving jobs to “lower-cost locations.”

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