Citigroup braces for job cuts

Apr 10, 2007 @ 1:48 pm

By Dina Hampton

Citigroup chief executive Charles Prince will announce the elimination of many thousands of jobs In a report to be released tomorrow, according to published reports.

Twenty-six thousand jobs – or 8% of the New York-based firm’s workforce – could be eliminated, according to The New York Times, with the largest cuts being made in firm’s consumer and investment banking businesses.

Other reports have put the number of layoffs at anywhere from 15,000 to 45,000, say reports.

The cuts could include many of the compliance officers that Mr. Prince took on when he became CEO of the New York-based firm in 2003, according to the Times.

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