As part of a restructuring plan, Citigroup is likely to cut around 15,000 jobs, according to press reports.
At present, the finance giant has a workforce of 327,000 employees and is seeking to cut this by at least 5%, the Wall Street Journal has reported. One method considered included not replacing the 30,000 to 50,000 people who leave the company each year, the article said.
The unveiling of the group’s restructuring plan is expected to be publicized by April 16, 2007, when it reveals its first-quarter earnings.
The report also claimed that Citigroup was considering moving from expensive sites such as New York City, to areas where property prices were lower, as part of its money-saving scheme.