Citigroup plans 17,000 job cuts
Published April 11th, 2007
America’s largest financial firm, Citigroup, has announced plans to cut 17,000 jobs, mostly overseas.
The cuts, which will reduce its 327,000-strong workforce by 5%, are part of efforts to reduce costs.
Citigroup hopes to make savings of $2.1bn (£1bn) in 2007, rising to $4.6bn in 2009, in order to revive profits.
On top of the job cuts, 9,500 positions will be “moved to lower-cost locations, both domestically and internationally”, said chief executive Charles Prince.
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