Citigroup To Layoff More Than 3,000 Workers

Citigroup Inc may cut "slightly more" than 3,000 jobs, becoming the latest U.S. bank to eliminate positions, a source familiar with the matter said.

The cuts would include jobs eliminated as a result of re-engineering and divestitures. The details are still being worked out.

"As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi," Citigroup said in a statement on Wednesday.

At the Bank of America Merrill Lynch financial services conference, Citi's Chief Financial Officer John Gerspach said every Citigroup unit is expected to create 3 percent to 5 percent in cost savings each year and the bank was working to rein in expenses.

Citigroup's shares were down 2 percent on Wednesday, or 56 cents, at $27.46 on the New York Stock Exchange.

(Reporting by Joe Rauch in Charlotte, North Carolina and Jessica Dye in New York)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[jespeed88]

09:44 AM on 11/18/2011

While Citigroup is laying off over 5000 employes this year, there is a number of managers flying around the globe, Europe, London, Singapore, Mexico, Brazil and in the states. They travel many times in the last 6 months. they are now a new class, the GLOBAL class. This managers just listen they don't make decisions, but they love to travel and getting good salaries increases in their new role. This company have way to many executives and now all this roles are duplicate with the new GLOBAL class .

[rt1027]

11:37 AM on 11/18/2011

oh well...........it is their right to do with that company as the board of directors and the share holders see fit

but thanks for playing

[Django48]

03:56 PM on 11/18/2011

I see that you believe that shareholder democracy exists. Unicorns too?

[Joyful6666]

11:08 PM on 11/17/2011

I am sorry to read about layoffs for Citigroup. I'm an ex-employee who got laid off. Wanted to get back with the company but looks like that's not going to happen. They are an excellent lender. I hope they start recovering soon. They are honest and employee-friendly.

[Kenz300]

09:46 PM on 11/17/2011

Citigroup like all the too big to fail banks needs to be broken up. They need to downsize until they are not too big to fail.

We also need to institute a financial transaction tax. Most of the daily transactions on Wall Street are done by HFT High Frequency Traders using computers to buy and sell in fractions of a second in order to skim profits from the casino. This needs to end.

[bovine13]

06:00 AM on 11/18/2011

You do realize when you call for downsizing, that means laying off more and more employees, right? But then again they must all be 1%er's right?

[rt1027]

11:39 AM on 11/18/2011

no thanks

[EmJay01]

08:07 PM on 11/17/2011

Great, OWS just became 3,000 stronger! When will people wake up and realize that these banks have no use for you, all they care about is profits, they will most likely lay them off just before the holidays to really stick it to em'.

[bovine13]

06:01 AM on 11/18/2011

When will you realize that if you continue to bash on the banks and drive business away from them, they will have to continue laying off employees??

[rt1027]

11:39 AM on 11/18/2011

of course.......as there is nothing wrong with profit

[sdesign]

06:57 PM on 11/17/2011

OWS reason # 86

A 3 to 5% saving in expense for the company really means an additional 3 to 5% earnings on top of record profits. AND bigger bonuses

[rt1027]

11:40 AM on 11/18/2011

good.......and your problem with that is?

[sdesign]

12:36 PM on 11/18/2011

The lies, the manipulation and the level of greed that has gone way beyond what most would consider a good profit.
Pigs get fat - Hogs get slaughtered.

[spongeworthy06]

06:16 PM on 11/17/2011

Why dont I ever see you Libs flipping out over Tim Geitner? He was the President of the New York Federal reserve whos job was to oversee the too big to fail banks

[rt1027]

11:41 AM on 11/18/2011

agreed

[louistruj]

04:27 PM on 11/17/2011

When the close down takes place, how many,who and how much will they receive in bonus's, severance pay,retirement benefits etc? What will the rank and file get? Will the 1% go bankrupt,break even or lose? Will the Corporate re-structure, set up shop outside the US and begin business as usual? That is the question. Let's follow them.

[tyrestud]

04:19 PM on 11/17/2011

"targeted headcount reductions"???? is that what you call putting 3000 more people in the job market?it just keeps on coming rom the tbtf banks

[rt1027]

11:42 AM on 11/18/2011

yes "targeted headcount reductions­"

[The Linda]

03:25 PM on 11/17/2011

Gotta make sure those at the top get millions, while those that made the money for them get unemployment!

[bigpapapuff425]

09:31 PM on 11/17/2011

Seems to be the American way.

[tuhloola]

02:48 PM on 11/17/2011

But, aren't big banks included in the imaginary "job ceators" category ??

[musterseeds]

02:26 PM on 11/17/2011

Please support your local bank like credit union by ditch big bank, close you account and open account at local.

[des946]

02:18 PM on 11/17/2011

Maybe those 3,000 laid off bank emplyees will join the OWS demonstrations, huh?

How many upper management personnle are included in this layoff, IF ANY? The CEOs and uper management are willing to SACRIFIC ANYTHING to protect their exorbitant salaries and bonuses. They have tried gouging the customers with fees and charges, and now they start at the bottom laying offf the lower end employees. Surely there should be some uppermanagement persoonel being laid off in conjunction with the layoff of 3,000 common workers, huh? The guys at the top will sacrifice anything to maintain their positions and their exorbitant incomes. It is time for slashing salries at the top of the organziation . . . and laying off a lot of them, esp. those involved in previous malfeasances and unsound business practices.

[Julie02]

02:09 PM on 11/17/2011

The 1% strikes again Instead of cutting salaries and bonuses of top executives, they lay off the 99% for a mere 3% - 5% cost saving.

[sdesign]

06:58 PM on 11/17/2011

Cost savings equals bigger bonuses.

[o0oooooo0o]

11:31 AM on 11/17/2011

WOW!! I am buying long-term stock in Citygroup today!!! I mean, heck, if every Citigroup unit is expected to reduce costs by 3% to 5% each year, they should be running the whole company totally free within about 25 years. That is some amazing strategy!!

[des946]

02:20 PM on 11/17/2011

No, it won't "be free" . . . they will STILL need to pay the exorbitant salaries and bonuses of the CEO and the upper management guys . . . you don't think that they are ever going to lay themselves off, do you?

[o0oooooo0o]

11:22 PM on 11/17/2011

***you don't think that they are ever going to lay themselves off, do you?***

Uh.. no. Just a little sarcastic play on numbers. Citicrop can go jump in the bathtub with a toaster for all I care.

[ereytyrtu]

10:28 AM on 11/17/2011

Tommorow we will read that the CEO of Citicorp will recieve a 1.3 million dollar bonus

[ereytyrtu]

10:35 AM on 11/17/2011

Citicorp, Citigroup, Citigreed....it's all the same...millions for a few ..and a layoff notice for thousands.