Citigroup May Cut 3,000 Or More Jobs To Cut Costs

Citibank cutting 3,000 jobs
Citibank cutting 3,000 jobs

By Candace Choi

NEW YORK (AP) -- Citigroup Inc. is the latest bank seeking to trim costs with a smaller work force.

The New York-based bank is considering cutting 3,000 or more workers, which would amount to about 1 percent of its work force worldwide. A person with knowledge of the situation said Wednesday that a decision on the timing and number of cuts hasn't been finalized, but that the reductions could exceed 3,000 in the next year or so.