Citigroup (C) said it will take a pretax charge of about $1 billion this quarter as part of a plan to eliminate more than 11,000 jobs.
"These actions are logical next steps in Citi's transformation," Chief Executive Officer Michael Corbat said today in a statement. "While we are committed to — and our strategy continues to leverage — our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns.
The plan will eliminate about 1,900 jobs in the institutional clients group, New York-based Citigroup said. It's intended to "improve overall productivity in our markets business, especially in areas experiencing continued low profitability, such as cash equities."
About 6,200 jobs will come from the global consumer banking business at the company, Citigroup said. An additional 2,600 jobs will be eliminated in the operations and technology group and global functions.