Monday March 26, 2007

Citigroup may cut 15000 jobs, take $1 billion charge

news.yahoo.com :

Citigroup executives are putting the finishing touches to a restructuring plan that is likely to involve around 15,000 job cuts and a charge against earnings of more than $1 billion, according to people familiar with the matter, The Wall Street Journal reported.

The review is being spearheaded by Chief Operating Officer Robert Druskin, who is due to report his recommendations internally by the end of the week. While the plan isn't final, Druskin is contemplating a roughly 5% reduction in Citigroup's worldwide workforce of 327,000, the Journal said.

(2007-03-26 19:00:15 SGT) [Biz] Permalink

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