Citigroup to Cut 4,500 Jobs

Pandit. Photo: Bloomberg/2011 Bloomberg

CEO Vikram Pandit said today at the Goldman Sachs Financial Services Conference that his bank will save money by getting rid of 4,500 employees, taking a $400 million hit in the fourth quarter for severance and other reduction costs. The bank has achieved $1.4 billion in savings so far this year, which has seen financial firms cut more than 200,000 jobs, compared to 58,000 in 2010.