Citigroup to slash 11,000 jobs worldwide
The repositioning exercise comes two months after bank's former India-born CEO Vikram Pandit left the company unceremoniously
The restructuring would result in a "reduction of more than 11,000 positions," a statement by Citi said, adding that "these actions are logical next steps in Citi's transformation."
"While we are committed to-- and our strategy continues to leverage ¿ our unparallelled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns.
And we will further increase our operating efficiency by reducing excess capacity and expenses, whether they centre on technology, real estate or simplifying our operations," Citi's Chief Executive Officer Michael Corbat said.
Citi said the repositioning would generate 900 million dollars of expense savings in 2013.
The annual savings will exceed 1.1 billion dollars annually beginning in 2014, it added.
Citi also expects the repositioning actions to have a negative impact on annual revenues of less than 300 million dollars.
Citi said the repositioning efforts are aimed at reducing expenses and improving efficiency across the company.
About 1,900 positions would be eliminated in Citi's Institutional Clients Group.
More than half of these jobs are in the operations and technology functions that support the business.
Citi added that the actions are designed to streamline its client coverage model in banking and improve overall productivity in the markets business, especially in areas that have been
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