Business Economy USA

Bank Citigroup to fire 4,500 employees

The largest bank of  U.S. Citigroup reported that it will fire 4500 workers over the next few quarters.

According to preliminary data, the company intends to cut costs every year by 3-5 percent, or $ 2 billion, which will lead to substantial savings.We note that according to experts, this dismissal is very small for the company at this level.

According to experts, such as layoffs in financial institutions due to the instability in the global economy.

The unfortunate trend looks to be consistent within the monetary industry with the Bank of America asserting similar intentions of peeling off 30,000 within the next few years. Across the financial industry 200,000 jobs were lost this year alone, while year-end bonuses are expected to visualize an approximate 20% to 30% drop .

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