Citigroup Inc. (C), the third-biggest U.S. bank, is dismissing 100 people on New York’s Long Island as the lender seeks to cut costs amid a slump in revenue.
A filing today with the state Department of Labor shows workers in the Nassau County town of Uniondale will be affected, and lists a closing date of March 3, 2013. The New York-based firm has been giving notice to the employees since July, according to the filing. Citigroup reported it had more than 260,000 employees as of September.
The Long Island dismissals are among about 5,000 job cuts that former Chief Executive Officer Vikram Pandit announced in January as the European debt crisis roiled markets and fees from trading and investment banking tumbled. Michael Corbat, who became CEO last month, has told investors he will continue with Pandit’s strategy.
“We will remain extraordinarily focused on our efficiency ratios and our overall expense levels,” Corbat told analysts on a conference call on Oct. 16, the day Citigroup directors introduced him as Pandit’s replacement. “Our strategy is unique and well-positioned for where we see the world going.”
The jobs being trimmed in Long Island are affiliated with the lender’s consumer bank, Mark Costiglio, a Citigroup spokesman, said today. He confirmed that the cuts are part of the company’s previously announced plans.
The New York State Workers Adjustment and Retraining Notification Act, known as the WARN Act, requires private employers with 50 or more people in the state to provide 90 days’ notice of a plant closing, mass layoff, relocation or reduction in work hours.
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