Business

Citigroup Dumping 11,000 Jobs, Taking $1 Billion Charge

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MIAMI (CBSMiami) – Citigroup, one of the largest financial conglomerates in the world, announced Wednesday that it was cutting 11,000 jobs worldwide and taking a $1 billion charge.

According to the New York Times, Citigroup’s firings will consist of 1,900 jobs in the institutional clients division, 6,200 positions in the bank’s consumer banking business, and 2,600 jobs in the operations and technology group.

CBS4’s Al Sunshine contacted Citigroup to see if the job cuts would impact the South Florida employees of the banking conglomerate.

According to Citigroup’s media relations department, of the 9,500 Citi workers, the reorganization will impact less than 1 percent in Florida, with most of the cuts coming to technical/operations staff.

The banking giant did say one Florid branch bank would be closed, but wouldn’t disclose which bank would close

Citigroup said the moves were due to the global economic slowdown that is showing no signs of easing as the U.S. grapples with going into an austerity crisis at the end of 2012.

Citigroup’s move also comes after the banking giant ousted chairman Vikram Pandit in October in a move the Times said stunned Wall Street.

The bank said Citi will continue with the January opening of its new SoBe branch and that customers should not see any difference in their service.

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