Citigroup to slash 11,000 jobs

With an aim to cut expenses and make the bank more manageable Citigroup Inc is cutting 11,000 jobs or 4% of its workforce globally. The cuts are expected to bring at least $1.1 billion in annual savings starting in 2014.

Citigroup is slashing jobs since 2007 when it announced 96,500 job cuts from 2007 to 2011. The will also shrink its global presence as it will shut down 84 branches in five countries, more than half of them in the United States. After the restructuring, the bank will have 4,000 branches around the world.

Month: Current Affairs - December, 2012