NEW YORK — Citigroup said Wednesday 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 bulk of the cuts, about 6,200, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking accounts.
Less than 1 percent of Citi’s 3,600 employees in Maryland will be affected, the Baltimore Sun reported, but the Glen Burnie branch will close, the Baltimore Business Journal said.
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.”
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Business aa normal these times. Pitiful. God bless the next layer of joblrss patriots. I hopr you still have a few weeks of unemployment to make it through, because mine have run out.
ReplyDeleteBut the economy is getting better by the day!!
ReplyDelete8:01
ReplyDeletedo some research before you speak
citigroup saw a profit increase of 74% as of october 2011.
This is just another case of greed.