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Citigroup plans to eliminate 11,000 jobs worldwide

Citigroup has planned to reduce 11,000 positions across its global operations, as part of its repositioning strategy to decrease expenses, improve effectiveness and offer better customer services, particularly in the emerging markets.

Under the plan, it will eliminate 1,900 jobs in Institutional Clients Group (ICG) division and approximately 6,200 positions in Global Consumer Banking (GCB), according to the bank.

Additionally, it will slash nearly 350 positions in Citi Holdings, while Corporate and Other division including Operations & Technology unit and Global Functions unit, will reduce nearly 2,300 and 300 jobs, respectively.

The group is also planning to dispose of or shut down consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay, due to low profitability.

It will also wind down 14 branches in Brazil, seven in Hong Kong, four in Hungary, 15 in Korea, and 44 in the US, in a move to focus on the 150 cities that have the highest growth potential in consumer banking.

The bank will have over 4,000 retail branches across the globe, following restructuring and all of the above said markets will continue to be served by its institutional businesses.

Citi chief executive officer Michael Corbat said, "And we will further increase our operating efficiency by reducing excess capacity and expenses, whether they center on technology, real estate or simplifying our operations."