The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
4,500 jobs Number of planned job losses
Announcement Date
7 December 2011
Employment effect (start)
1 January 2012
Foreseen end date
31 December 2012
Description
Citigroup, a major American financial services company based in New York, has announced that it is to cut about 4,500 jobs worldwide due to the financial crisis, as it attempts to trim costs in an "extremely challenging operating environment", according to management.
The group has already reduced its workforce by approximately 23,000 jobs at the beginning of 2008 and by 52,000 in November 2008 (see here).
There is no information on when the job losses will be implemented by. The job cuts were predicted to impact particularly on the group's workforce in two major financial centres, London and New York. The cuts will be spread over several quarters. Citigroup will take a 400 million dollars charge in the fourth quarter related to the layoffs, factoring severance and other expenses.
Citigroup currently employs about 267,000.
Sources
7 December 2011: Le Monde
7 December 2011: Los Angeles Times
Citation
Eurofound (2011), Citigroup, Internal restructuring in World, factsheet number 72859, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72859.
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