CEO Vikram Pandit said the job cuts are part of the New York bank's efforts to reduce costs. Pandit made the remarks Tuesday at a financial services conference hosted by Goldman Sachs & Co.
Citigroup Inc.'s fourth-quarter results will include $400 million in expenses related to severance. Pandit also warned that the bank will take another $500 million hit to revenue from an accounting loss the bank will have to take for the higher cost of its debt.
