Citigroup to cut 11,000 jobs, take S$1.2b in charges
(REUTERS) - Citigroup will eliminate 11,000 jobs worldwide, about 4 per cent of its total staff, in a move to save as much as US$1.1 billion (S$1.34 billion) a year in expenses, the company said on Wednesday.
The move will initially result in pre-tax charges of $1 billion (S$1.2 billion) to fourth-quarter earnings, the company said in a statement.
The move is the first major action to restructure the company since directors named Michael Corbat chief executive officer (CEO) in October after becoming impatient with former CEO Vikram Pandit.
"We have identified areas and products where our scale does not provide for meaningful returns," Mr Corbat said in a statement from the company.