New York, NY
Banking giant Citigroup has announced plans to cut 4,500 jobs globally over the next several months to reduce costs.
Citigroup's chief executive Vikram Pandit said Tuesday the organization has set aside about $400 million to pay for severance packages and other costs associated with the cuts.
The company will take that amount as a writedown on the bank's fourth quarter earnings.
Pandit said that the bank has already saved about $1.4 billion this year from other cost-cutting measures.
Citi (C, Fortune 500) had about 267,000 employees worldwide as of September.
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Investing - Citigroup Announces Plans to Cut 4,500 Jobs Globally | Citigroup
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