Citigroup to cut 11,000 jobs

 NEW YORK, Dec. 5 (Xinhua) -- Citigroup announced on Wednesday that it would slash¹ 11,000 jobs, or roughly 4 percent of its current workforce², in an effort to cut costs.

According to a statement from the U.S. bank, the bulk of the reduction would come from its consumer banking³ business, with 6, 200 positions to be removed. Another 1,900 jobs will be eliminated from the institutional clients division, and 2,600 jobs will be axed from operations and technology group.

Citigroup said that it expected to record pre-tax charges of approximately 1 billion dollars in the fourth quarter of 2012, and approximately 100 million dollars of related charges in the first half of 2013.

Meanwhile, the repositioning was also expected to generate about 900 million dollars in cost savings⁴ next year, and annual expense savings of more than 1.1 billion dollars beginning in 2014.

Citigroup said the series of repositioning actions will further reduce expenses and improve efficiency across the company, while maintaining its unique capabilities⁵ to serve clients, especially in the emerging markets.

"These actions are logical next steps in Citi's transformation⁶, " said Michael Corbat, the bank's chief executive officer.

"And we will further increase our operating efficiency by reducing excess capacity and expenses, whether they center on technology, real estate or simplifying our operations," he added.

1 slash   

vi.大幅度削减；vt.猛砍，尖锐抨击，大幅减少；n.猛砍，斜线，长切口，衣衩

参考例句：

• The shop plans to slash fur prices after Spring Festival.该店计划在春节之后把皮货降价。
• Don't slash your horse in that cruel way.不要那样残忍地鞭打你的马。

2 workforce   

n.劳动大军，劳动力

参考例句：

• A large part of the workforce is employed in agriculture.劳动人口中一大部分受雇于农业。
• A quarter of the local workforce is unemployed.本地劳动力中有四分之一失业。

3 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

4 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

5 capabilities   

n.能力( capability的名词复数 )；可能；容量；[复数]潜在能力

参考例句：

• He was somewhat pompous and had a high opinion of his own capabilities. 他有点自大，自视甚高。 来自辞典例句
• Some programmers use tabs to break complex product capabilities into smaller chunks. 一些程序员认为，标签可以将复杂的功能分为每个窗格一组简单的功能。 来自About Face 3交互设计精髓

6 transformation   

n.变化；改造；转变

参考例句：

• Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
• He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。