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Citigroup to cut 11,000 jobs worldwide

The move will initially result in pre-tax charges of $1 billion to fourth quarter earnings, the company said in a statement.
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Citigroup to cut 11,000 jobs worldwide

Citigroup Inc will eliminate 11,000 jobs worldwide, about 4 per cent 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 fourth quarter earnings, the company said in a statement.

It is the first major action to restructure the company since directors named Michael Corbat chief executive officer in October after becoming impatient with former CEO Vikram Pandit.

Copyright: Thomson Reuters 2012

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