Citigroup to cut 11,000 positions


Published Dec 6, 2012 at 04:00AM / Updated Nov 19, 2013 at 12:31AM

Citigroup announced Wednesday that it would cut 11,000 jobs, reducing its workforce by roughly 4 percent, in an effort to reduce costs.

The bank said it would take a pretax charge of roughly $1 billion for the cuts.

Under the reduction, 1,900 jobs will be eliminated in the institutional clients division. Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group.

The reductions at Citigroup come after the bank’s powerful chairman, Michael O’Neill, engineered the ouster of its former chief executive, Vikram Pandit, and named a handpicked successor, Michael Corbat, according to several people close to the bank.