Citigroup to cut 11,000 jobs worldwide, 4 percent of workforce
Posted : Wednesday, 05 December 2012 09:10AM
(Reuters) - Citigroup Inc will eliminate 11,000 jobs worldwide, about 4 percent of its total staff, in a move to save as much as $1.1 billion a year in expenses, the company said on Wednesday.
The move will initially result in pre-tax charges of $1 billion to fourth quarter earnings, the company said in a statement.
It is the first major action to restructure the company since directors named Michael Corbat chief executive officer in October after becoming impatient with former CEO Vikram Pandit.
(Reporting by David Henry in New York; Editing by Gerald E. McCormick.)
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