Showing posts with the label DealBook News Alert ( December 5

Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge: | DealBook News Alert ( December 5, 2012 ).

Dealbook News Alert The New York Times Wednesday, December 5, 2012 -- 9:24 AM EST ----- Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge Citigroup announced Wednesday that it would slash 11,000 jobs, reducing its work force by roughly 4 percent, in an effort to cut costs. Citigroup said it would take a pretax charge of roughly $1 billion for the cuts. Under the reduction, 1,900 jobs will be eliminated. 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 replaced him with a hand-picked successor Michael L. Corbat, according to several people close to the bank. Read More: