Report: Citigroup Plans To Cut At Least 2,000 Jobs

(RTTNews) - Citigroup Inc. (C) plans to eliminate at least 2,000 jobs commencing next month, the Bloomberg has reported citing an unidentified person who briefed on the plans.

The report added that substantial portion of the job cuts will be in middle or back-office positions as Chief Executive Officer Michael Corbat restructures some of the bank's businesses.

The report further noted that the reductions are part of a repositioning the firm announced this month and will occur across the New York-based lender's global footprint.

In the Goldman Sachs U.S. Financial Services Conference on December 9, 2015, John Gerspach, Citigroup Chief Financial Officer, stated that the company will be taking a repositioning charge of about $300 million in Citicorp in the fourth quarter as it continue to resize its infrastructure and capacity to deal with a continuing low revenue environment.

C closed Friday's regular trading session down 3% at $51.21.