Go Ad-Free
    My Alerts
    Moneycontrol
    Moneycontrol PRO
    Loans
    Loans
    HomeNewsWorldCitigroup to cut 11,000 jobs worldwide, 4% of workforce

    Citigroup to cut 11,000 jobs worldwide, 4% of workforce

    Citigroup Inc will eliminate 11,000 jobs worldwide, about 4 percent of its total staff, in a move to save as much as USD 1.1 billion a year in expenses, the company said on Wednesday.

    December 06, 2012 / 18:19 IST

    Citigroup Inc will eliminate 11,000 jobs worldwide, about 4 percent of its total staff, in a move to save as much as USD 1.1 billion a year in expenses, the company said on Wednesday.

    The move will initially result in pre-tax charges of USD 1 billion to fourth quarter earnings, the company said in a statement.

    It is the first major action to restructure the company since directors named Michael Corbat chief executive officer in October after becoming impatient with former CEO Vikram Pandit.

    first published: Dec 5, 2012 07:46 pm

    Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

    Subscribe to Tech Newsletters

    • On Saturdays

      Find the best of Al News in one place, specially curated for you every weekend.

    • Daily-Weekdays

      Stay on top of the latest tech trends and biggest startup news.

    Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347