Wednesday April 25, 2007 
Wednesday April 25, 2007
Citigroup said it will eliminate 17,000 jobs, or 5% of its workforce, in a broad restructuring plan designed to cut costs and bolster its long underperforming stock price. It constitutes the first companywide restructuring since Citicorp and Travelers Group merged in 1998 to form Citigroup. Citigroup said about 9,500 jobs will move to lower-cost locations worldwide, with about two-thirds through attrition. Citigroup's largest unit, consumer banking, will face the biggest cuts.
Shareholders have pressured Chief Executive Charles Prince to slash expenses even as the bank tries to boost revenue, especially outside the United States. The cuts follow a review begun in December by Chief Operating Officer Robert Druskin. In an interview, Druskin said most of the job cuts will be made by year end.
Citigroup plans to eliminate layers of management, often increasing the number of workers reporting to each manager. The bank also said it will simplify its technology platforms, and eliminate some corporate offices.
See also :
1. Citigroup may cut 15000 jobs, take $1 billion charge
(2007-04-25 11:07:47 SGT)
[Biz]
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