Citigroup May Cut 413 Jobs in New York City as Workforce Reductions Begin

Citigroup Inc. (C), the third-biggest U.S. bank, told regulators that 413 employees may be dismissed in New York City as the firm starts 4,500 job cuts announced last week.

Most of more than 270 reductions may be within the Global Markets division at 388 Greenwich St., according to a filing by the New York-based lender with the state’s Department of Labor. About 29 people may be affected at 111 Wall St., the filing shows. Credit Suisse Group AG (CSGN), the second-biggest Swiss bank, also announced additional New York job cuts today.

Citigroup Chief Executive Officer Vikram Pandit who announced the cuts during a Dec. 6 presentation, aims to trim costs amid slumping revenue and what he called “unprecedented” market conditions. The lender will take a pretax charge of about $400 million this quarter tied to the reductions. The New York cuts are part of the planned 4,500, Danielle Romero-Apsilos, a bank spokeswoman, said in an e-mailed statement.

More than 100 reductions may come at Citibank N.A., the unit that accepts deposits, according to the filing. The company also will dismiss more than 30 employees of Citigroup Technology Inc., which handles the firm’s technology infrastructure.

Pandit, 54, may pare about 900 jobs from the securities and banking division, which includes trading and investment banking, a person familiar with the matter said last month. The firm is cutting about 95 jobs in its markets business in London, two other people with knowledge of the plan said last week.

Financial firms globally have announced more than 200,000 job cuts this year, up from about 58,000 last year and 174,000 in 2009, according to data compiled by Bloomberg. ZeroHedge.com reported the Citigroup filing earlier today.

Credit Suisse said it may cut 49 additional jobs at offices on Madison Avenue by March 2012, according to a filing today by the Zurich-based bank. The firm also submitted documents Nov. 15 disclosing its plan to eliminate 268 jobs at that site. The bank announced 2,000 staff reductions in July and 1,500 in November.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.