Citigroup slashes 11,000 jobs worldwide

  • Citigroup announced on Wednesday it is to slash 11,000 jobs worldwide in an efficiency drive.

    Most of the jobs that are to be cut will be made in the consumer banking division.

    The bank said the move will cost it about $1 billion in pre-tax charges, which would be recorded in its fourth-quarter figures for this year.

    It said it would also add another $100 million in charges to the first half profits for 2013.

    Citigroup said the move, which will see its employee numbers drop by 4 percent, would leave it $900 million better off in 2013 and a further $1.1 billion the following year.