Citigroup to cut 4,500 jobs over next few quarters

NEW YORK (AP) - Decelber 7, 2011

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.

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