Friday, Dec 02, 2016
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Citigroup loses $5.1B, plans to cut 9,000 jobs

NEW YORK Citigroup, caught in the midst of the housing slowdown and a tight credit market, reported a $5.1 billion loss yesterday and announced it would cut 9,000 more jobs in the next 12 months.

The layoffs are in addition to the 4,200 announced in January, the bank said. The company has more than 300,000 employees worldwide.

The bank s first-quarter results reflected $16.9 billion in write-offs and additional loan loss reserves as it tried to deal with an overhaul internally. The bank announced $622 million in restructuring charges.

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