Citigroup says it will cut 10,400 jobs; post-merger reduction involves 6% of workers

Article Abstract:

Citigroup job cuts as large as 10,400 were not part of the original plan when Citicorp and Travelers announced their merger plans. Now the plan is revised, in large part because of the world economic situation. Many of the cuts will be layoffs, and 65 percent of the cuts will be overseas, resulting in about 3,640 jobs lost in the U.S. Call centers will be hardest hit, especially overseas. Other cost-cutting will take place by dropping less competitive businesses in both consumer and corporate lines.

Labor force information, Human resource management

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Handsome pay for the co-chairmen of Citigroup

Article Abstract:

Citigroup Inc. rewarded its two top men for (l) successfully completing the merger between Citicorp and Travelers Group, (2) a strong showing of earnings from the consumer banking business, (3) 'early and active completion of cross-selling' its many and varied products, and (4) an aggressive approach to restructuring and cutting costs. Those rewards came to $26.4 million for John Reed and $27.2 million for Sanford Weill in spite of job cuts and layoffs for thousands of others.

Comment:

John Reed and Sanford Weill received over $26 million each

Management development, Compensation and benefits

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