Current Weather
The Spy FM

Citigroup Cutting 11,000 Jobs, Taking $1.1 Billion In Charges

Filed by KOSU News in Business.
December 5, 2012

Saying it needs to “further reduce expenses and improve efficiency across the company,” Citigroup announced today that it is eliminating about 11,000 jobs — 4 percent of its global workforce.

The banking giant also said it is expects to take “pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013.”

Bloomberg News points out that new Citigroup CEO Michael Corbat “is adding to a January cost-cutting announcement by predecessor Vikram Pandit, who had previously sought to boost some of the businesses targeted today. The new CEO is responding to an industrywide slump in trading and investment banking, stiffer capital requirements and Europe’s debt crisis. Goldman Sachs Group Inc., Morgan Stanley and UBS AG are among rivals focused on reducing costs.”

The New York Times’ DealBook blog says that “under the reduction, 1,900 jobs will be eliminated in the institutional clients division. Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group.”

Forbes calls this “the Citigroup bloodbath” and says that since “on Wall Street and around the world big banks are firing workers … Citigroup is joining the club.” [Copyright 2012 National Public Radio]

Leave a Reply

12AM to 5AM The Spy

The Spy

An eclectic mix of the Spy's library of more than 10,000 songs curated by Ferris O'Brien.

Listen Live Now!

5AM to 9AM Morning Edition

Morning Edition

For more than two decades, NPR's Morning Edition has prepared listeners for the day ahead with two hours of up-to-the-minute news, background analysis, commentary, and coverage of arts and sports.

View the program guide!

9AM to 10AM The Takeaway

The Takeaway

A fresh alternative in morning news, "The Takeaway" provides a breadth and depth of world, national and regional news coverage that is unprecedented in public media.

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center