Citigroup Considering Cutting 15,000 Jobs
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Citigroup Inc. expects to have completed its corporate cost review by mid-April, company officials said yesterday. Reports suggested the nation’s largest bank was considering cutting about 15,000 jobs. The Wall Street Journal said the job cuts — about 5% of Citigroup’s work force — were part of the bank’s restructuring plan, which was disclosed late last year and is aimed at improving the bank’s financial performance. Citigroup’s chairman, Charles Prince, has come under criticism from investors because its expenses are growing faster than its revenue, reducing profits.
