Citigroup Inc, the world's biggest bond underwriter, said on March 03 it has cut fewer than 35 jobs from its 3,500-person global fixed-income workforce, and will use the savings to invest in faster-growing units.
Citigroup, the largest US bank, made cuts in several areas, including management, over the last week, spokeswoman Danielle Romero-Apsilos said. She characterised the reductions as "limited," and said they included a handful of retirements.
Citigroup Chief Executive Charles Prince, awarded $23 million in compensation last year, has been selling slower-growth units, such as life insurance and asset management, and trying to energise growth at others.
The bank is building its consumer bank, and trying to open 150 to 200 new retail branches this year. This includes 70 to 100 in the United States, at least twice as many as it opened from 2002 to 2005 combined.
Comments
Comments are closed.