NEW YORK — Citigroup Inc in the second quarter will book severance costs associated with around 1,600 job cuts, Chief Financial Officer Mark Mason said on Wednesday (June 14).
Speaking at a conference in New York, Mr Mason said the bank's expenses in the second quarter will be US$300 million to US$400 million higher than the first quarter,"largely attributed to those restructuring or repositioning charges that I had to incur".
One person with knowledge of the matter said the job cuts include people that worked in units Citi decided to divest, but did not specify the number. Although not all the people have left the firm, most were already notified, the person added, seeking anonymity to discuss the issue freely.
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