Citigroup to shed 17,000 jobs

America's largest financial institution aims to cut costs and improve profits.

    Charles Prince said that Druskin's recommendations "will improve business integration" [AP]

    Citigroup said it will record a pretax charge of $1.38bn in the first quarter of 2007, and additional charges totalling about $200m pretax over the subsequent quarters of 2007.
     

    'Three-month review'

     

    The restructuring plan is the result of a three-month review that was headed by Robert Druskin, the chief operating officer.

     

    Charles Prince, the bank's chairman and chief executive, said that implementation of Druskin's recommendations "will improve business integration as well as our ability to move quickly and seize new growth opportunities".

     

    Druskin said: "The review did not simply give the entire organisation an arbitrary number to cut but, instead, looked at each business operation and benchmarked it against peers.

     

    "We have been very careful to maintain our revenue-generating capability - in fact, this effort should enhance our capacity to grow."

    SOURCE: Agencies


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