Citigroup Inc. has started job cuts this quarter that will affect nearly 4,500 people, chief executive Vikram Pandit said on Tuesday.
The company will record a charge of about $400 million in the fourth quarter for severance and other expenses related to these cuts, Pandit said during a presentation at a Goldman Sachs conference on Tuesday. The job eliminations will be completed over the next few quarters, he said.
This is higher than what was previously forecast.