Citigroup to slash 17,000 jobs

Citigroup Inc. on Wednesday said it will eliminate 17,000 jobs, or 5 percent of its workforce, as part of a broad restructuring plan.

Citigroup to slash 17,000 jobs
Citigroup Inc. on Wednesday said it will eliminate 17,000 jobs, or 5 percent of its workforce, as part of a broad restructuring plan designed to cut costs and bolster its long underperforming stock price.

The bank said its workforce will continue to grow in 2007, but at a significantly slower pace.

Shareholders have pressured Chief Executive Charles Prince to slash the bank's expenses. He is doing so even as the company tries to boost revenue, especially outside the United States.

Citigroup plans to move more than 9,500 jobs to lower-cost locations worldwide, with about two-thirds through attrition. It will also eliminate layers of management, often increasing the number of workers reporting to each manager.

The bank also said it will simplify its technology platforms, and eliminate some corporate offices.

The cuts follow a review begun in December by Chief Operating Officer Robert Druskin.

Güncelleme Tarihi: 20 Eylül 2018, 18:16
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