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Citigroup To Lay-Off 17,000 Jobs |
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Written by Kaiden_Regal
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Thursday, 12 April 2007 |
Citigroup annunciated its recent plans to cut down 17,000 jobs abroad by over fifty percent. The recent cut will shrink its 327,000-strong personnel by 5%.
The largest American financial company looks forward to make savings of $2.1bn by this current fiscal. The savings would be increased to $4.6bn in 2009 to perk up earnings.
Charles Prince alleged chief executives that 9,500 positions will be shifted to lower-cost locations, both nationally and globally.
The job cuttings are planned to diminish Citigroup’s operational expenses that surged by 15% in the previous year to $52bn, whereas its yearly revenues ascended hardly 7%.
Robert Druskin, Citigroup’s COO, said the majority of the job cuts would be made out by this year.
“We know where every head is coming from, we know where every dollar is coming from, and we're ready to move into implementation mode literally today.” he added.
Citigroup would also be bumping off certain management layers and eradicating some corporate offices.
It said that about 57% of the job cuts would happen globally, and 43% in the United States.
Citigroup hires 11,500 people in the United Kingdom out of which 9,000 are posted at its most important London office in Canary Wharf.
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