Latest News:

US teenager wins $3m playing computer game Fortnite -

Sunday, July 28, 2019

Dozens of mourners ‘killed by Boko Haram’ at a funeral in north Nigeria -

Sunday, July 28, 2019

Dan Coats, Trump’s top intel official, to depart White House -

Sunday, July 28, 2019

Donald Trump’s power dynamic with Nancy Pelosi will be on full display at the State of the Union -

Tuesday, February 5, 2019

Pennsylvania poll: Clinton up by 9 points – QuestCinq.com -

Thursday, July 28, 2016

Your Ports!! – QuestCinq.com -

Wednesday, July 13, 2016

In shadow of Brexit, NATO considers Russian deterrence – QuestCinq.com -

Wednesday, July 6, 2016

Italy vs Spain,England vs Iceland; Boston Red Sox vs Tampa Bay Rays – QuestCinq.com -

Monday, June 27, 2016

Foreign diplomats voicing alarm to U.S. officials about Trump – QuestCinq.com -

Monday, March 7, 2016

Trump grants press credentials to ‘pro-white’ radio show host – QuestCinq.com -

Wednesday, March 2, 2016

Supreme Court rejects Arizona sheriff’s appeal on immigration – QuestCinq.com -

Tuesday, January 19, 2016

Hawking: Humans at risk of lethal ‘own goal’ – QuestCinq.com -

Tuesday, January 19, 2016

ObamaCare supporters see wall of resistance cracking in South – QuestCinq.com -

Saturday, November 21, 2015

Attaque revendiquée par l’EI au Bangladesh: un mort et 80 blessés -

Saturday, October 24, 2015

Russia says wants Syria elections, ready to help Free Syrian Army -

Saturday, October 24, 2015

Hillary Clinton calls Republican’s impeachment vow ‘pathetic’ -

Saturday, October 24, 2015

Saturday Sports! -

Saturday, October 24, 2015

Five things to watch in Tuesday night’s Democratic debate -

Tuesday, October 13, 2015

Sports Plus: Soccer and the rest! -

Tuesday, October 13, 2015

Fifa: Sepp Blatter, Michel Platini & Jerome Valcke suspended -

Thursday, October 8, 2015

Citigroup Job Cuts:11,000…

 

* Cuts include technology and support jobs around the world

* Consumer banking due for 35 pct of restructuring charges

* Company expects annual expense savings of $1 billion

* Stock rises 4 percent on news

Dec 5 (Reuters) – Citigroup Inc, which has lagged behind its peers in recovering from the financial crisis, 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.

The move will initially result in pre-tax charges of $1 billion against fourth-quarter earnings, the bank said on Wednesday.

The cuts are Chief Executive Michael Corbat’s first major steps to reorganize the company since he took the reins in October after directors pushed out his predecessor, Vikram Pandit.

“We have identified areas and products where our scale does not provide for meaningful returns,” Corbat said in a statement issued by the company. “We will further increase our operating efficiency by reducing excess capacity and expenses.”

The job cuts are part of a reorganization that will reduce annual revenues by “less than $300 million,” the statement said.

Citigroup shares rose nearly 4 percent to $35.62 in New York Stock Exchange trading shortly after the enouncement.

Analysts have expected action of this sort since Corbat was introduced as CEO by Chairman Michael O’Neill. O’Neill is known in the banking industry for shrinking companies to eliminate businesses that are not earning satisfactory returns.

The job cuts announcement came a few hours before Citigroup Chief Financial Officer John Gerspach was scheduled to speak at midday at a major conference of institutional investors.

About 35 percent of the fourth-quarter restructuring charges will be taken in the global consumer banking unit, where 6,200 jobs will be cut, the bank said. About 40 percent of those layoffs will be in technology and operations support areas.

The bank expects to sell or scale back consumer operations in Pakistan, Paraguay, Romania and Uruguay. As it continues to focus on 150 high-growth markets, it plans to shed 84 branches in five countries, more than half of them in the United States.

After the restructuring, the bank will have 4,000 branches around the world.

When the company changed CEOs, O’Neill said executives would continue Citigroup’s strategy of paring back to operate core businesses more efficiently. The strategy has included emphasizing business in rapidly growing urban areas.

About 25 percent of the restructuring charges will be taken in the bank’s investment and corporate banking businesses, and 10 percent in transaction services. Some 1,900 jobs are to be cut from those areas, with more than half coming from operations and technology functions that support the businesses.

Another 25 percent of the charges are for reworking corporate and miscellaneous other functions. About 2,600 jobs are being eliminated from corporate support services, global functions, real estate and the Citi Holdings portfolio of troubled assets that the company is shedding.

Comments are closed.

Yahoo! Status Checker by Techya