07 Dec '11, 2am

Citi cuts 4,500 jobs worldwide, putting aside S$513 million to pay for the cuts

NEW YORK - Citigroup is cutting 4,500 jobs worldwide, chief executive Vikram Pandit said yesterday, becoming the latest large bank to trim staff. Mr Pandit, speaking at the Goldman Sachs Financial Services Conference, said the bank would record a US$400 million (S$513 million) charge in the quarter for severance and other expenses related to the layoffs. The cuts are equal to about 2 per cent of Citi's workforce of 267,000 employees at the end of third quarter 2011. Mr Pandit said the cuts would be completed over "the next few quarters" and would come from a range of businesses. Citi joins other banks worldwide that have cut more than 120,000 jobs as regulations have imposed tighter industry rules and the economy remains weak. Earlier this year, Citi rival Bank of America announced plans to cut 30,000 jobs and slash US$5 billion in annual expenses as part of a programme kn...

Full article: http://www.todayonline.com/Business/EDC111207-0000116/Cit...

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