Citigroup to chop, relocate jobs to save $2.1-billion |
| Globe and Mail - Apr 12, 2007 |
Citigroup Inc. is moving about 9,500 jobs to lower-cost locations, a phrase that immediately conjures up images of countries such as Bangladesh, India and China. But the bank says many of the jobs will be moving to such exotic locales as Buffalo and Poland.
The United States' biggest bank announced a restructuring plan yesterday that aims to chop $2.1-billion (U.S.) out of expenses this year, and includes the elimination of about 17,000 jobs, or five per cent of its work force.
In addition, the bank will be moving the 9,500 jobs out of high-cost locations such as London, Hong Kong and New York. About two-thirds of those are expected to be trimmed through attrition, executives said on a conference call.
Read Full Article from Globe and Mail
- Posted: 2007-04-12 09:52:25
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