Business News
Citigroup to cut 4,500 jobs
Dec 6, 2011, 22:55 GMT
New York - Citigroup plans to cut about 4,500 jobs in the next few quarters, chief executive Vikram Pandit told an investors' conference late Tuesday in New York.
Pandit cited an 'extremely challenging operating environment' as the reason for the effort to trim costs.
The bank employed about 267,000 people as of the end of the third quarter.
Renewed turbulence in international finance markets has shaken the banking sector, and other banks have recently announced payroll reductions cuts. Bank of America will shed 30,000 jobs in the coming year, while Deutsche Bank is to eliminate 500 jobs in investment banking alone.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
