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Citigroup cuts 11,000 staff worldwide
Citigroup says it is cutting 11,000 jobs worldwide in an efficiency drive, with most of the jobs being lost in its consumer banking division. The bank said the move, which will see its headcount shrink by 4%, would cost it about $1bn (£621m) in pre-tax charges. The move comes two months after the bank's former chief executive, Vikram Pandit, suddenly resigned. Michael Corbat took over From Mr Pandit as chief executive. The bank said the $1bn charge would be recorded in its fourth-quarter figures for this year. It said it would also add another $100m in charges to the first half profits for 2013. Citigroup said the changes would leave it $900m better off in 2013 and a further $1.1bn the following year. The company said that about 25% of the charges for the fourth quarter related to its securities and banking division, with another 10% in transaction services.....Read more hereYou must be logged in to post a comment.
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