Bloomberg News

Citigroup May Cut 413 Jobs in New York City as Reductions Begin

December 14, 2011

Dec. 12 (Bloomberg) -- Citigroup Inc. told regulators that 413 employees may be dismissed in locations across New York City as the firm starts 4,500 reductions announced last week.

More than 270 of the cuts may occur in offices at 388 Greenwich St., mostly within the Global Markets division, according to a form the New York-based firm filed with the state’s Department of Labor. About 29 people may be affected at 111 Wall St., the filing shows.

Chief Executive Officer Vikram Pandit announced the bank’s plan to eliminate jobs during a Dec. 6 investor presentation as he seeks to reduce costs amid slumping revenue and what he called “unprecedented” market conditions. The lender will take a pretax charge of about $400 million this quarter tied to the reductions.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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