The Wenatchee World

Weather:

Weather

The latest extended forecast from The Weather Channel

Remove this weather forecast

Tonight

Lo47° Mostly Clear

Wednesday

Hi69° Sunny

Wednesday Night

Lo46° Partly Cloudy

Thursday

Hi69° Mostly Sunny

Thursday Night

Lo48° Partly Cloudy

Friday

Hi74° Mostly Sunny

Friday Night

Lo55° Mostly Cloudy

Saturday

Hi80° Mostly Sunny

Saturday Night

Lo55° Partly Cloudy

Sunday

Hi80° Sunny

Citigroup to cut more than 11,000 jobs

Send to Kindle
Print This

NEW YORK — Citigroup said today that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi’s workforce of 262,000.

The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking accounts.

Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world “that have the highest growth potential in consumer banking.”

About 1,900 jobs will come from the institutional clients group, which includes investment banking. The company will also cut jobs in technology and operations by using more automation and moving jobs to “lower-cost locations.”

All comments are moderated before appearing. For more information, please read the approval guidelines. Questions? See our Disqus commenting FAQ or our full commenting policy.

Comments Help

A few important points:

  • You must have a Disqus account to comment (your Wenatchee World login and Disqus login are completely separate)
  • You must provide your first and last name
  • Your comment must be civil

For more information see our Disqus commenting FAQ or our full commenting policy