Citicorp, citing stiff competition in markets around the world, said Tuesday it would cut 7,500 positions, or 8% of its staff, and take an $889 million charge in a broad restructuring of operations.

The charge, taken in the third quarter, will be used to fund severance packages, consolidation of back-office operations, and upgrades in computer equipment.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.