(13 April 2007 – USA) Citigroup is shedding 17,000 jobs in the US and will relocate a further 9500 positions to less expensive locations either domestically or offshore.The moves come as part of a cost cutting and restructuring program with the bank aiming to consolidate back and middle office and corporate functions and remove duplication of roles at regional and headquarter levels.
The bank recently completed a three month review of its spending and is aiming to save some US$2 billion each year over the next two years.
Citigroup chairman and CEO, Charles Prince, said the moves would improve the bank’s ability to grow.
‘The recommendations that emerged from the structural expense review will improve business integration, as well as our ability to move quickly and seize new growth opportunities,’ he said.