Citigroup could cut 3,000 jobs, say news reports

17 November 2011

Citigroup could cut as many as 3,000 jobs as part of a cost-saving exercise, news reports have revealed.

According to the Wall Street Journal (WSJ), which cited an unnamed source familiar with the matter, the bank is still yet to decide on the final amount and date of the job reductions.

The total figure of 3,000 would be equivalent to one per cent of the bank’s New York workforce, although the source claimed even further positions could be lost through the changes.

Reports suggest that 900 of the job cuts are expected to take place within the financial institution’s securities and banking unit with the rest being spread across other Citi departments.

A spokesperson for Citi said: “As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi.”

Certain employees are already thought to have been informed of the incoming redundancies, the WSJ’s news story revealed.

BNP Paribas recently announced plans to reduce the size of its workforce at its corporate and investment banking unit by 1,400, which is the equivalent to almost seven per cent of the division's total staff.

By Jim Ottewill

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