logo
Share SHARE
FONT-SIZE Plus   Neg

Citigroup To Slash Over 11K Jobs; Sees About $1 Bln Pre-Tax Charge In Q4

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Oil company Exxon Mobil Corp. on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. reported a loss for the quarter, both on lower revenues. The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations. British drug maker AstraZeneca Plc reported Friday higher profit in its first quarter, reflecting lower charges and higher revenues. US and emerging markets performed well. Looking ahead, for fiscal 2016, the company continues to expect both revenue and earnings per share to decline a low to mid single-digit percentage at constant exchange rates. International Consolidated Airlines Group S.A. Friday reported profit for the first quarter, compared to loss in the prior year, mainly reflecting higher passenger revenues and increased capacity. For fiscal 2016, IAG still expects to generate an absolute operating profit increase similar to 2015 as it expects to reduce underlying ex-fuel unit costs by around one percent.
comments powered by Disqus
Follow RTT