Citigroup, Inc. says it plans to trim 17,000 jobs, about 5% of its 327,000 workforce, and relocate some corporate centers, all by the end of the year.
As part of the announced cost-cutting measures, it will relocate 9,500 jobs to lower-cost locations, both domestically and internationally, with about two-thirds through attrition. Locations in New York may be affected.
However, the company says its workforce will expand overall this year due to acquisitions and other branch openings.
As part of the revenue-boosting review, the company says it will make several structural changes, including:
With previously announced IT savings, the employee and location changes are expected to generate total expense savings of approximately $2.1 billion in 2007, $3.7 billion in 2008, and $4.6 billion in 2009.
Citigroup’s major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney, and Banamex.
Citigroup is the nation’s largest financial institution.