International bank Citigroup has announced a cull of 11,000 jobs worldwide. The bulk of the 4% reduction in staff will be made up from redundancies in its consumer banking division, and the so-called “efficiency drive” is expected to cost the company $1 billion in pre-tax charges.
The decision comes just two months after the bank’s former chief executive, Vikram Pandit, suddenly resigned, with Michael Corbat taking the helm. The cuts are expected to leave the organisation $900 million better off in 2013 and save it a further $1.1 billion the following year.
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