Citigroup plans to shed about 10 percent of its global workforce, a person familiar with the matter said Friday, as it tries to restore profit and quiet mounting criticism of Chief Executive Vikram Pandit.
Citigroup CEO Vikram Pandit plans to make a dramatic statement Monday morning about major cut backs in the struggling firm's workforce aimed at calming market fears that the troubled financial services giant isn't taking the steps necessary to address its many ills, which include a bloated cost structured that has sent shares of its stock reeling, people close to the company said.
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Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
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