EMCC European Monitoring Centre on Change



Geographic Location

Country: World


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 369000

Employment Effects

Announcement Date: 21-04-2008
Planned Job Reductions min: 13200
Planned Job Reductions max: 13200
Type of Restructuring: Internal restructuring
Employment Effect Start: 21-04-2008

Additional Information

American bank Citigroup has announced that it is cutting 9,000 jobs following large multibillion dollar losses linked to the credit crisis and sub-prime related investments. The job cuts follow 4,200 layoffs announced in January.

The bank  made a loss of $5.11bn (£2.7bn) in the first quarter of 2008 following a $9.8bn loss in the final three months of 2007. The results included about $12bn of write-downs for sub-prime mortgages and other high risk assets.

Citigroup employs about 369,000 people worldwide.