Citigroup Inc. Chief Executive Officer Vikram Pandit said the bank will cut about 4,500 jobs in coming quarters as he seeks to trim costs amid slumping revenue. Citigroup will take a charge of about $400 million in the fourth quarter tied to the reductions, including severance, Pandit, 54, said today during an investor conference in New York. Citigroup, the third-biggest U.S. lender by assets, employed about 267,000 people at the end of the third quarter, according to a quarterly filing.
The bank said in September it would limit hiring only to “critical” jobs to control costs and boost revenue as regulations on minimum capital levels take effect. 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.
Citigroup posted a 74 percent increase in third-quarter profit, aided by a $1.9 billion accounting gain that softened the impact of lower trading and investment-banking revenue.
Citigroup slid 0.3 percent to $29.75 today in New York and has dropped 37 percent this year. — Bloomberg News
