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Citigroup job cuts to claim six N.J branches among the casualties

CitiLogo_optBY CHRISTINE VALDEZ
NEWJERSEYNEWSROOM.COM

Citigroup plans to make major changes before the year’s end that will affect several of its New Jersey branches.

Guardian reports that Citigroup will cut 11,000 jobs in an attempt to cut costs. Citigroup expects to save $1.1 billion a year starting in 2014. About 4 percent of Citigroup employees will be let go, and about 6,200 of those job cuts will happen within Citi’s consumer banking unit.

As a result of the cuts, 31 Citigroup branches are expected to shut down. According to The Star-Ledger six of the 31 branches are in New Jersey. The six branches are in Bayonne, Brick, East Hanover, Nutley, Roseland and Springfield. They are expected to close by Dec. 14.

Citigroup spokeswoman Catherine Puley told the Star-Ledger that employees of the closing branches will be allowed to apply for open positions within the company.

All accounts within the closing branches will be transferred to the nearest Citi branch.

About 1,900 jobs cuts will also come from Citigroup’s institutional clients group including the investment bank. Other cuts, according to the Star-Ledger, will occur in technology and operations, as the company moves to lower-cost locations.

According to The Guardian, Citigroup’s new Chief Executive Michael Corbat said in a statement that the bank is committed to “our unparalleled global network and footprint.” Corbat added, “We have identified areas and products where our scale does not provide for meaningful returns.”

 

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