Bank Cutbacks Could Be Felt Locally

By: Kristen Ross Email
By: Kristen Ross Email

Nearly 1,000 Citigroup employees could be out of a job by the week's end, including some in the Brazos Valley.

As part of a restructuring plan aimed at reducing costs and improving profits, Citigroup says they'll cut about 17,000 jobs.

Citigroup is the parent company of Citibank. Officials would not comment on whether any jobs would be directly affected in the Brazos Valley, until all employees were notified. The bank said notifications are being given to employees this week.

The following is a statement from Citigroup concerning their restructuring plan:

"Of our approximately 17,000 employees in Texas, approximately 1,000 will be affected, mostly in back-office, middle office and corporate functions. These changes are part of a global structural expense review to streamline Citi's operations and position it for future growth. Notifications to employees are beginning this week, so we are not providing additional details about the impact by business or city.

"In addition to the outplacement services and benefits we already provide to our employees, we are announcing today enhancements to our severance plans for our U.S. employees, and additional enhancements for our U.S. Consumer business."


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