Citigroup Sees 4,000 Fewer Consumer Banking Jobs by End of 2014

Apr 14, 2014 3:02 pm ET

April 14 (Bloomberg) -- Citigroup Inc., the third-largest U.S. bank by assets, expects to eliminate at least 4,000 jobs at its global consumer bank by the end of this year.

The division’s staff will decline from 149,000 people in the first quarter to fewer than 145,000, according to a slide show accompanying Citigroup’s first-quarter results today. The branch network will be trimmed by at least 75 locations, the presentation shows.

Chief Executive Officer Michael Corbat is seeking to shrink the consumer business to reduce costs and increase profitability. The bank listed “improving operating efficiency” first among its key priorities in the slide show’s conclusions.

Earlier this month, Citigroup announced the sale of its Honduran consumer bank and one-third of its branches in South Korea. Mark Costiglio, a bank spokesman, declined to elaborate on the cuts. The bank has eliminated 200 to 300 jobs in its division handling stock and bond trades to shrink costs amid a slump, a person familiar with the matter has said.