Citigroup May Cut 17,000 Jobs, or 5% of Workforce, Person Says

Citigroup Inc., the biggest U.S. bank, may cut 5 percent of its workforce, or almost 17,000 jobs, as the company seeks to lower annual expenses by more than $1 billion, said a person with knowledge of the company's plans.

The reductions follow a three-month review by Chief Operating Officer Robert Druskin, said the person, who declined to be identified before tomorrow's announcement. The New York- based company may shut offices, move some of its 337,000 full- and part-time workers to lower-cost locations and combine computer systems to save about $2 billion a year, according to Banc of America Securities analyst John McDonald.

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- Posted: 2007-04-10 10:00:25

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