Citigroup Inc. (C) said it is cutting more than 11,000 positions, as a part of repositioning actions, resulting in an estimated pre-tax charges of nearly $1 billion in the fourth quarter of 2012 and some $100 million of related charges in the first half of 2013.
Citi said it now expects the repositioning to generate $900 million of expense savings benefitting 2013 results and that the annual expense savings would exceed $1.1 billion annually beginning in 2014. Furthermore, the company anticipates that the actions would have a negative impact on annual revenues of less than $300 million.
The repositioning, which includes Institutional Clients Group, Global Consumer Banking, Citi Holdings, and Corporate/Other, is expected to result in the reduction of about 2,300 positions that support corporate services, real estate, and Citi Holdings, and roughly 300 Global Functions positions.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.