Citigroup To Cut 4,500 Jobs, Take $400M Charge

Citibank cutting jobs layoffs
Citibank cutting jobs layoffs

By Pallavi Gogoi

NEW YORK (AP) -- Citigroup Inc. is eliminating 4,500 jobs in its latest effort to cut costs. The bank will take a $400 million charge in the fourth quarter as a result.

Citigroup's CEO, Vikram Pandit, disclosed the job cuts at an investor conference Tuesday. The cuts represent about 1.5 percent of its global workforce of 267,000. Pandit said the cuts would be made over the next few quarters.