Citigroup Job Cuts: Bank Plans To Slash 11,000 Jobs

[truebluefan]

Citigroup Inc, which has lagged behind its peers in recovering from the financial crisis, said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses.

The move will initially result in pre-tax charges of $1 billion against fourth-quarter earnings, the bank said on Wednesday.

* Cuts include technology and support jobs around the world

* Consumer banking due for 35 pct of restructuring charges

* Company expects annual expense savings of $1 billion

* Stock rises 4 percent on news

Read more http://www.huffingtonpost.com/2012/12/05/citigroup-job-cuts_n_2243975.html