Friday, Dec. 7, 2012
NEW YORK — Citigroup said Wednesday it will cut 11,000 jobs, or about 4 percent of its workforce, in a bold early move by new CEO Michael Corbat.
The bulk of the cuts, around 6,200 jobs, will come from Citigroup's consumer banking unit, which handles everyday functions such as branches and checking accounts. Citigroup said 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 job cuts will come from its institutional clients group, which includes the investment bank. Citigroup will also reduce jobs in technology and operations by using more automation and switching jobs to "lower-cost locations."