TITLE

Citi to Cut 175 in Cards, Wealth Unit

PUB. DATE
November 2009
SOURCE
American Banker;11/5/2009, Vol. 174 Issue 201, p20
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that the credit-card operation of Citigroup Inc. will eliminate about 100 jobs, while head count in the personal wealth management group will be reduced by 75. Citigroup is in the middle of a restructuring that has seen it staff reduced to 279,000 from 375,000 in 2007. Job cuts in the credit-card unit will not focus on persons who interact with clients.
ACCESSION #
45037160

 

Related Articles

  • Citigroup Said Cutting More Jobs.  // American Banker;6/24/2008, Vol. 173 Issue 121, p2 

    The author reports on job losses which may occur at Citigroup Inc. in June 2008. Plans which the company has in eliminating its investment banking and trading workforce by ten percent are mentioned. The number of position which Citigroup may eliminate in 2008 is mentioned. Losses which the...

  • Citi, RBS Eye More Job Cuts. T. G. // Mergers & Acquisitions Report;11/24/2008, Vol. 21 Issue 45, p1 

    The article reports on the separate downsizing plans of Citigroup and Royal Bank of Scotland (RBS) to survive business losses and the economic crisis. According to Citigroup chief executive officer Vikram Pandit, the company plans to reduce an estimated 50,000 jobs, dramatically reduce costs and...

  • Citi Memo Details Deeper Cuts in Costs.  // American Banker;8/27/2008, Vol. 173 Issue 166, p2 

    The author reports on steps which Citigroup Inc. has taken to cut costs. Cost cutting methods which Citigroup has partaken in are mentioned, including eliminating 14,000 positions, curtailing color copying and requiring that all employee meetings be held on site. Credit losses and write downs...

  • Citi Sets Revamp, Divestitures. Jones, Dow // American Banker;1/14/2009, Vol. 174 Issue 9, p20 

    This article presents information about some of the steps Citigroup Inc. plans to take to reorganize and divest itself of certain assets. It has already created a joint venture with Morgan Stanley for Citi's Smith Barney retail brokerage and it plans to remove nearly one-third of its assets,...

  • Firms Seen Cutting 175K Jobs in Year.  // American Banker;6/25/2008, Vol. 173 Issue 122, p20 

    The article reports that many of the biggest financial service firms in the world will have to cut about 175,000 jobs between the second half of 2008 and the second half of 2009. Citigroup Inc. announced over 13,000 job cuts, and many recruiters, including Russ Gerson at the Gerson Group in New...

  • Wall Street Banks Slashing Positions.  // American Banker;3/25/2008, Vol. 173 Issue 57, p2 

    The article discusses job cuts which have occurred at banking companies in 2007 and 2008. According to the article, more than 30,000 jobs were cut between the Summer of 2007 and the Spring of 2008. Reasons for the lay-offs are mentioned, including the collapse of the subprime mortgage market....

  • First Ind. Consolidating, Taking a Charge. Jackson, Ben // American Banker;9/21/2004, Vol. 169 Issue 182, p7 

    Announces that First Indiana Corp. plans to eliminate jobs and consolidate all back-office operations into one department. Expenses associated with the reorganization; Details of the employee layoffs; Financial performance of the company.

  • Citi to Sell Or Close FCS.  // National Mortgage News;2/4/2008, Vol. 32 Issue 18, p1 

    The article reports on the decision of New York City-based Citigroup Inc. to close its warehouse lending division, First Collateral Services in Concord, California. In details, the company has contacted investment bankers about selling the operation, but no official offering book has been...

  • CITIGROUP CUTS MAY BE LARGER THAN ORIGINALLY THOUGHT.  // CardLine;3/30/2007, Vol. 7 Issue 13, p19 

    The article reports on the job cuts at Citigroup due to attrition or relocation, potentially representing 26,000 jobs. The restructuring plan of Citigroup may involve the elimination or relocation of up to 15,000 jobs. The consumer and credit card operations of the company will bear the effect...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics