BUSINESS

Citigroup To Layoff More Than 3,000 Workers

11/16/2011 12:24 pm ET

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.

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