Citigroup to Cut About 1,000 Jobs

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00010629-citigroup-to-cut-about-1000-jobs/

Citigroup Inc. on Friday said it is cutting jobs in its corporate and investment bank to save money, and a person familiar with the decision said more than 1,000 positions may be lost.

The cuts will affect about 2 percent to 3 percent of the unit’s 48,000 employees worldwide, and are expected at all levels of the unit, the person said. New York-based Citigroup is the world’s largest financial services company.

Chief Executive Charles Prince is trying to cut expenses and exit businesses not focused on consumer or corporate banking, after a year when costs rose by one-third. He is moving away from predecessor and mentor Sanford “Sandy” Weill’s vision of creating a one-stop financial supermarket.

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Citigroup to Cut About 1,000 Jobs

Unknown Author

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