Citigroup, the US financial major seeks to trim costs amidst the backdrop of a bleak global economic environment. Chief Executive Vikram Pandit has announced 4,500 jobs cuts worldwide in the coming months. The job cuts will begin this quarter and be completed over the next few quarters across a range of businesses. While most of the job losses will be in Citi's back-office and investment banking operations, almost every segment of Citi's business will see a workforce reduction. The layoffs will be equal to about 2 per cent of Citi's 267,000-strong workforce.

The banking major will accordingly incur a USD 400 million charge in the fourth quarter this year on severance costs and other expenses related to the job cuts. Citigroup joins a growing list of financial and banking companies that are pruning their workforce to manage expenses in a weak global economy that some fear could be headed for another recession.

Source: The Economic Times