In a conference call discussing first quarter financial results, Citigroup officials announced Friday that it will be cutting 9,000 jobs -- which includes job cuts due to divestitures.
Janis Tarter, spokeswoman for Citigroup in San Francisco, says company Chief Financial Officer Gary Crittenden told analysts that the 9,000 jobs is a global number and that the financial services company is not providing details about impact on specific locations.
Some of the cuts, she says, have already been announced and some will happen over the next 12 months.
Tarter says Citi has more than 60 operations sites in the U.S. alone and the company employs more than 300,000 people globally. The company has approximately 17,000 employees in Texas in all Citigroup business.
During the first quarter, the company reported a net loss of $5.1 billion or $1.02 per share, based on more than 5 billion shares outstanding. Financial results include $6 billion in pre-tax write-downs and credit costs on sub-prime related direct exposure costs.
According to Crittenden, Tarter says, Citi took $622 million in repositioning charges related to a number of activities, such as headcount reductions and branch closings, including an expected reduction in force of over 9,000 over the next year.
Citigroup (NYSE: C), which is a New York-based global financial services company that provides a broad range of financial products and services.
Other major brand names under Citigroup's trademark red umbrella are: CitiFinancial, Primerica, Smith Barney, Banamex and Citibank.
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