Published December 05, 2012
Citigroup Inc said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses.
Wednesday's announcement is the first major move by new Chief Executive Michael Corbat, who took charge in October after directors pushed out his predecessor, Vikram Pandit.
Here is a breakdown of the planned job cuts:
Citi said it plans to sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay. The bank also plans to shed 84 branches in Brazil (14), Hong Kong (7), Hungary (7), Korea (15) and the United States (44). It will have 4,000 retail branches worldwide after the reductions.
(Reporting by Rick Rothacker in Charlotte, North Carolina, and David Henry in New York; Editing by Leslie Gevirtz)