Citigroup could cut up to 3,000 jobs: Report

Nov 16, 2011 |

Reuters

New York

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Citigroup In is planning to cut as many as 900 jobs from its securities and banking division as it grapples with turmoil in equity and debt markets, the Wall Street Journal reported on Tuesday.

The job cuts are intended to help cut Citigroup's expenses. The bank is tentatively weighing a move to cut as many as 3,000 jobs overall, representing approximately 1 per cent of its global workforce, the Wall Street Journal reported, citing sources familiar with the situation.

Citigroup has recently moved to reduce expenses in its Citi Holdings operations, which house businesses and assets it plans to shed.

Before the financial crisis, Citigroup faced pressure from investors to rein in costs, which were at the time rising faster than its revenue.

The sources emphasised that the plans could change as the bank moves to finalize its plan for reducing its head-count. Representatives for the bank were not immediately available for comment Tuesday evening.

Citigroup's shares were down slightly in trading on Tuesday, as U.S. banks respond to flare-ups in the tumultuous European debt markets.

The bank's shares fell 36 cents on Tuesday to close at $28.02. Over the last year, its stock price has fallen 33.85 per cent.

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