Citigroup: We're Cutting 11K Jobs
Bank says move will save $900M in 2013
By Newser Editors and Wire Services
Posted Dec 5, 2012 8:48 AM CST
Citigroup signage is seen at the bank's Los Angeles headquarters Monday, Oct 15, 2012.   (AP Photo/Nick Ut)

(Newser) – Citigroup says it will eliminate more than 11,000 jobs in an effort to cut expenses and improve efficiency. The cuts will result in about $1 billion in charges in the fourth quarter and about $100 million in charges during the first half of next year, the company said today. It expects about $900 million in savings in 2013 from the move, and annual savings of more than $1.1 billion starting in 2014.

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Showing 3 of 14 comments
DalaiLama
Dec 5, 2012 11:14 AM CST
Well, the good news is that in the Obama economy, McDonald's and Walmart will have a never-ending supply of employees.
keith12345
Dec 5, 2012 10:16 AM CST
I got rid of my Citigroup credit cards a long time ago. They are loan sharks and they scam people with late payment fees. Probably operate their business like Hostess Brands. All crooks.
DougMasters
Dec 5, 2012 9:32 AM CST
Computers.... they gonna take our jobz!