According to media reports, Citigroup (NYSE: C) will fire 4,500 people
MarketWatch reports
The bank will make the cuts which are less than 2% of its workforce, in an effort to trim costs, , citing Chief Executive Vikram Pandit at an investor conference in New York. Citi will reportedly take a $400 million charge in the fourth quarter for the cuts
Layoffs has become commonplace at large American financial firms. Bank of America (NYSE: BAC) announced that it will cut 30,000 workers. Several foreign banks with US operation have disclosed cuts due to balance sheet problems.
Premier American investment bank Goldman Sachs (NYSE: GS) has announced over 1,000 layoffs.
Most experts expects cuts to begin as banks deal with low trading profits, difficulty with mortgage assets, and potential write-offs of sovereign paper
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
