- Europe Shares Seen Dropping on Spain Worries
- ECB Rejects Madrid Plan to Boost Troubled Bankia
- More Trump Birther Remarks Overshadow Romney
- Sun to Set on Commodities Super-Cycle: Morgan Stanley
- Most Aid Sent to Athens Circles Right Back to Europe
- Crisis-Battered Greek Banks Set for Weak Quarter
- Romney Clinches Republican 2012 Nomination in Texas
- The Upside to Asian Stock Declines? Better Dividends
- Detroit: From Urban Blight to Tech Might
- Apple CEO: Ping Failed, TV Gaming Interesting
- Why It’s Suddenly Exciting to Be a Yahoo Shareholder Again
- PB&J, Mac & Cheese Step Out From Kids-Fare Shadow
- Ackman: JCPenney Sales Have Hit 'Bottom'
- Goldman Investment Shines Light on Solar Power
- Facebook Options Soar on First Day
- Home Prices Hit Lows, But 'We See Signs of Hope'
- Auto Sales to Really Take Off This Summer?
- JPMorgan Debacle Points to Regulatory Incompetence, Corruption
MOST SHARED
- Sun to Set on Commodities Super-Cycle: Morgan Stanley
- Apple CEO: Ping Failed, TV Gaming Interesting
- Declines in Asian Bank, Property Stocks Yield Rich Dividends
- Asia’s Message to Europe: Bite the Bullet and Implement Reforms
- China's Sany Heavy to Raise $2 Billion in HK IPO
- Thaksin’s Return to Thailand Would Cause Conflict: Former Premier
- JPMorgan Implicated in Japan's Insider Trading Probe
- JPMorgan Dips into Cookie Jar to Offset "London Whale" Losses
- Home Prices Hit Lows, But 'We See Signs of Hope'
- Detroit: From Urban Blight to Tech Might
MOST POPULAR
HOT ON FACEBOOK
Citigroup to Cut 4,500 Jobs, Take $400 Million Charge
Text Size 
Citigroup is cutting 4,500 jobs worldwide, Chief Executive Vikram Pandit said on Tuesday, becoming the latest large bank to trim staff.
 |
Getty Images |
] Financial Services Conference, said the bank would record a $400 million charge in the quarter for severance and other expenses related to the layoffs.The cuts are equal to about 2 percent of Citi's workforce of 267,000 employees at the end of third quarter 2011.
Pandit said the cuts would be completed over "the next few quarters" and would come from a range of businesses.
Citi [C
Loading...
()
] joins other banks worldwide that have cut more than 120,000 jobs as regulations have imposed tighter industry rules and the economy remains weak.
Earlier this year, Citi rival Bank of America [BAC
Loading...
()
] announced plans to cut 30,000 jobs and slash $5 billion in annual expenses as part of a program known as 'New BAC,' a play on the company's ticker symbol.
Pandit said Citi's reductions would involve its proprietary trading units, which are being wound down.
The 2010 Dodd-Frank financial reform law features a provision known as the Volcker Rule that limits banks from betting their own capital in the market.
Pandit also said Citi's expense previously disclosed expense reduction program generated $1.4 billion in savings so far this year, nearly 4 percent of the bank's $37.72 billion of operating expenses in the first three quarters.
Citigroup shares closed down 8 cents, or 0.27 percent, at $29.75 on the New York Stock Exchange.
- The economy is relatively resilient but there are some decisions that could hurt, says this analyst.
- To escape taxes or political uncertainty, millionaires and billionaires are migrating like never before.
- Some places are kinder than others when it comes to selling homes, as these cities seem to be.
- Here are the 15 publicly traded stocks, by value, that are the biggest holdings of Berkshire Hathaway.
- Some restaurants are taking kid favorites like peanut butter and jelly and turning them into adult fare.
- What we have here are the 10 richest counties in America, according to the average income.
Data is a real-time snapshot *Data is delayed at least 15 minutes
