07 Dec '11, 12am

Citigroup to axe 4,500 jobs to cut costs

NEW YORK (AFP) - Citigroup chief executive Vikram Pandit announced on Tuesday that the bank would cut 4,500 jobs as it tries to cut costs in the face of tougher market conditions. 'We have started a firm-wide reduction of headcount this quarter that will affect roughly 4,500 positions and will be completed over the next few quarters,' Mr Pandit told a industry conference. But the layoffs will come at a stiff price for the company. 'We anticipate recording a charge in the fourth quarter for severance and other expenses related to this of approximately $400 million (S$513 million),' he said.

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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