Citicorp and Travelers Group expect to cut 5% of their combined work force by the end of this year-almost 8,000 employees-as they seek $1 billion in cost savings with their merger, analysts said Thursday.

The cuts would most likely come from each company's consumer operations, but more heavily from Citicorp's side, the analysts said.

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.