Citigroup reorganizing with 11,000 jobs cut worldwide

Citigroup Inc. (Citigroup) has been cutting costs since 2007 due to financial crisis with 96,500 job cuts from 2007 to 2011, the bank announced. To further shrink Citihroup’s costs as the bank became less profitable, more job cuts will be aimed by the bank, including 4,500 jobs cut announced last year. The cuts are expected to help the bank save at least US$1.1 billion (RM3.36 billion) annually in 2014.

by Terry Brown