Citigroup to slash 11,000 jobs worldwide
experiencing continued low profitability such as cash equities.
Another 35 percent of the fourth quarter repositioning charges are expected to be incurred in Global Consumer Banking group, resulting in a reduction of 6,200 positions.
As a result, Citi said it expects to either sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay.
Citi would instead focus on the 150 cities that have the highest growth potential in consumer banking and concentrate its presence in major metropolitan areas.
The markets affected by the reductions include Brazil (14 branches), Hong Kong (7), Hungary (4), Korea (15) and the United States (44).
It would however continue to invest in its franchises in these countries.
After this repositioning, Citi will have more than 4,000 retail branches around the world and all of the five countries above would continue to be served by its institutional businesses.
Citi Holdings is expected to eliminate approximately 350 positions, concentrated mostly in Greece and Spain, and incur approximately five percent of the repositioning charges.
About 25 percent of the repositioning charges are expected to be incurred in the corporate sector with approximately 2,300 positions that support corporate services, real estate, and Citi Holdings to be deducted.
Another 300 global functions positions would be eliminated as a result of efficiency savings.
"Citi has come a long way over the past several years.... We have shed hundreds of billions in assets and businesses that are not core to our strategy. We will continue to seek ways to optimise the execution of our strategy to
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