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]
Permalink
Comments:
Post a Comment:
Comments are closed for this entry.
Most popular blog postings on lowem.log :
1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn
Featured articles on lowem.log :
1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out
| search |
|
|
| sponsored links |
|
|
| bookmarks |
|
about
blogroll
sites
quotes
charts
historical |
| navigation |
| decals |
|
| powered by |
|
| hosted by |
|