(NEW YORK) — Citigroup is slashing 11,000 jobs around the globe, or about 4 percent of the company’s workforce.
Most of the cuts will come from Citi’s global consumer-banking business as the company plans to sell or scale back operations in places like Pakistan, Romania and Turkey. The company says it will close 44 branches in the United States.
“[W]e have identified areas and products where our scale does not provide for meaningful returns,” said Citi CEO Michael Corbat. “And we will further increase our operating efficiency by reducing excess capacity and expenses, whether they center on technology, real estate or simplifying our operations.”
In a news release the company said it “expects to record pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013.”
The cuts are expected to save about $900 million next year.
Copyright 2012 ABC News Radio
Rene Marsh, CNN Newswire
Sam Turner, Deseret News