Citigroup Slashes Jobs
Citigroup has announced it is to cut 4,500 jobs worldwide. Chief Executive Vikram Pandit says the bank would record a $400 million charge in the quarter for severance and other expenses related to the layoffs. The cuts are equal to about 2 percent of Citi's workforce. Cuts will be made across a range of businesses and are expected over the next few quarters. Citi is just the latest bank to trim staff.