Citi Cutting 4,500 Jobs
Bank faces 'extremely challenging' conditions, CEO says
By Rob Quinn, Newser Staff
Posted Dec 7, 2011 12:43 AM CST
Citigroup is showing the door to around 2% of its global workforce.   (Getty Images)

(Newser) – Citigroup plans to cut some 4,500 jobs—2% of its global workforce—in the coming months as it "faces an extremely challenging operating environment," CEO Vikram Pandit warns. Pandit, who has cut more than 100,000 jobs at Citi since taking charge in 2007, says regulatory changes and the euro zone crisis are among the factors forcing the company to cut costs as revenue slumps, Reuters reports.

Citi says the job cuts will cost close to $400 million in severance and other expenses. Financial firms worldwide have cut more than 200,000 jobs this year, and analysts believe many more jobs could go soon. "The 4,500 is a drop in the bucket for them, particularly when you consider how big they are and their global scope,” Nancy Bush, an analyst at SNL Financial, tells Bloomberg. "I’d be suspicious that this may be the tip of the iceberg.”

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Citi Cutting 4,500 Jobs is...
Show results without voting
You Might Like
Showing 3 of 8 comments
Dec 7, 2011 11:15 AM CST pass it on...
Dec 7, 2011 11:11 AM CST
wait, but i thought giving wall street all those tax breaks would make them bigger "job creators"?!??!?!?!?! Yet another fuckin GOP LIE!!!! Job Creators are the middle class! Raise the taxes on wall street and cut them for the middle and lower class, not the other way around you MORONS!!! WALL STREET DOES NOT CREATE JOBS!!!
Dec 7, 2011 8:51 AM CST
Maybe the can be trimmed until they're small enough to drown in a bathtub.