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Citigroup to cut 4,500 jobs worldwide Citigroup to cut 4,500 jobs worldwide
(about 11 hours later)
US banking giant, Citigroup, has said it is to cut 4,500 jobs around the world in an effort to reduce its costs.US banking giant, Citigroup, has said it is to cut 4,500 jobs around the world in an effort to reduce its costs.
The group has put aside $400m (£250m) to pay for the cuts, according to its chief executive Vikram Pandit.The group has put aside $400m (£250m) to pay for the cuts, according to its chief executive Vikram Pandit.
The money will be written down in the company's fourth quarter results.The money will be written down in the company's fourth quarter results.
It is the latest in a string of global banks to announce cuts as the slowdown in the world economy and the European sovereign debt crisis has increased pressure on banks to limit costs.It is the latest in a string of global banks to announce cuts as the slowdown in the world economy and the European sovereign debt crisis has increased pressure on banks to limit costs.
They include Citygroup rivals such as HSBC, Bank of America and UK-based Lloyds. They include CitIgroup rivals such as HSBC, Bank of America and UK-based Lloyds.
Speaking at the Financial Services Conference hosted by Goldman Sachs in New York, Mr Pandit said his bank had saved more than $1.4bn so far this year.Speaking at the Financial Services Conference hosted by Goldman Sachs in New York, Mr Pandit said his bank had saved more than $1.4bn so far this year.