Market rumor: Citigroup might cut 15000 jobs

Market rumor: Citigroup might cut 15000 jobs

Market sources are claiming that the financial institution Citigroup is expected to cut as many as 15000 jobs. The company on their part announced that they would announce results of its cost review by mid-April.

They might have to resort to cost cuttings as shareholders and investors in the company are expecting a better performance from them.

If these rumors are true, it would mean that the company would cut around 5% of their total workforce of 327,000 workers.

The company is one of the largest financial services providers in the world and their huge size means that they would have to cut these many jobs. Their consumer division is expected to be the worst hit division within the company.

Citigroup Chief Executive Charles Prince said in a statement: “We need to make sure our U.S. consumer business is growing. That’s something that has struggled in the last few years.”