Citigroup To Cut 17,000 Jobs - Cleveland 19 News Cleveland, OH

Citigroup To Cut 17,000 Jobs

NEW YORK (AP) - Citigroup says it will eliminate about 17-thousand jobs as part of a restructuring aimed at reducing costs and improving profits.

That is about five percent of the bank's work force. Citigroup says combined with previously announced information technology savings, the moves will save it more than two (b) billion dollars this year and more in the years to come.

Citigroup says it will take a pretax charge of more than one-point-three (b) billion dollars in the first quarter, with additional charges totaling about 200 (m) million pretax dollars
over the remainder of this year.

The bank reports first-quarter earnings next week.

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