Citi to Slash 4,500 Jobs, Take $400M Q4 Charge
Citigroup (NYSE: C), the third-largest U.S. bank by assets, said it will trim 4,500 jobs and take a $400 million fourth-quarter charge related to the lay-offs. New York-based Citigroup had about 267,000 employees at the end of the third quarter.
Financial firms worldwide have cut more than 200,000 jobs this year, up from about 58,000 last year and 174,000 in 2009, according to data compiled by Bloomberg.
Amid slack trading and investment banking revenue, Citi along with many of its rivals, is looking to lower expenses, but the 4,500 layoffs are well above the 3,000 previously thought Citi would engage in.
Last week, Standard & Poor's lowered its credit rating on Citi to A- from A.
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