August 27, 2001

In addition to the previously announced layoffs of 1,200 employees, Citigroup Inc. announced it will let go another 3,000 workers this year due to the economic downturn, according to Reuters. The world’s largest bank holding company (in terms of assets) stated in a filing with the U.S. Securities and Exchange Commission that approximately 2,150 of the job cuts will take place in the U.S. The cuts would reportedly take place across major business segments, including emerging markets, consumer, global corporate and investment banking, and insurance. In its second-quarter earnings statement, Citigroup had said that it would take a $133-million after-tax charge for severance costs, but did not provide the number of employees to be let go. Last year, Citigroup laid off 7,400 workers, trimming its global staff to about 250,000. Many of the world’s major banks and financial institutions have made similar cuts, following losses on Wall Street combined with a reduced demand for investment services, merger advising and other financial consulting needs.

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Insurance Journal West August 27, 2001
August 27, 2001
Insurance Journal West Magazine

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