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To: long-gone who wrote (24259)	12/15/1998 7:45:00 PM
From: goldsnow	Respond to of 116997

Business: The Company File Financial giant cuts 10,400 jobs Wall Street workers face an uncertain future US financial services giant Citigroup is cutting 10,400 jobs around the world as its seeks to slash costs. The turmoil in the world's financial markets this year has caused the group to sack many more workers than expected. More than a third of the job losses will occur in the US and the rest throughout its international operations as the group embarks on a major overhaul of its business. The job cuts are equivalent to 6% of the bank's global workforce and the move will cost the group $900m. Worse than expected The job cuts are far worse than feared. The group had been expected to cut 8,000 jobs from its workforce, as part of the integration of Travelers and Citicorp which merged to form Citigroup in October. Posts will be lost throughout the group, with anybody from managers to administrative staff leaving the bank. The restructuring programme is aimed at saving about $680m in 1999 and $975m in 2000. The deal between Travelers and Citicorp was the largest ever financial services merger. Jobs bloodbath Recent reports suggest that up to 80,000 jobs could by lost in the City of London alone. The slowdown in the global economy has caused leading banks to scale down their operations. A flurry of mergers across the sector has also caused banks to cut jobs to eliminate duplication between organisations. Banking problems The merger of Citicorp and Travelers has suffered from teething problems which has lead to the departure of several top executives. Citigroup's profits plunged by more than a half to $729m in the third quarter of 1998 due to the global market turmoil. news.bbc.co.uk