Home » Breaking News, World News » Citigroup Announces World Wide Jobs including Pakistan

Citigroup Announces World Wide Jobs including Pakistan

Citigroup New York Jobs

World News, Citigroup Jobs : Citigroup Inc (C.N) said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses.

Wednesday’s announcement is the first major move by new Chief Executive Michael Corbat, who took charge in October after directors pushed out his predecessor, Vikram Pandit.

Here is a breakdown of the planned job cuts:

* Institutional Clients Group: 1,900 positions, of which more than half are in technology and operations functions.

* Global Consumer Banking: 6,200 positions, about 40 percent of which are in operations and technology.

Citi said it plans to sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay. The bank also plans to shed 84 branches in Brazil (14), Hong Kong (7), Hungary (4), Korea (15) and the United States (44). It will have 4,000 retail branches worldwide after the reductions.

* Citi Holdings: 350 positions in the unit that contains unwanted assets being disposed of after the financial crisis.

* Corporate/Other: About 2,300 technology and operations positions and about 300 global functions positions. Agencies

Like this story?

More News on EPakistanNews.com

Pakistan News update 24 hours, latest breaking news updates in Pakistan, Pak news, Pakistan Urdu columns, latest news pakistan, political news updates, E Pakistan Newspaper, Karachi News, Karachi Updates, Lahore news, Islamabad news, Multan news and more breaking news, E Pakistan News brings Latest Pakistan News, headline news, pk politics, News online, sports, politics news from Pakistan.

Home - Disclaimer - Follow us on Twitter - Like us on Facebook

Copyright © 2010-2015, E Pakistan News, All rights are reserved.
This material may not be published, broadcast, rewritten or redistributed without permission are strongly prohibited.
if you need any further assistance please contact us via email epn@epakistannews.com