P.M. BRIEFING : Citicorp to Eliminate 2,000 Jobs
NEW YORK — Citicorp, the nation’s largest banking company, said today that about 2,000 jobs will be eliminated by the end of next year through an ongoing reorganization of its corporate business. The disclosure provides the first indication of the size of layoffs since the company’s retrenchment in corporate financing activities began several months ago.
Citicorp spokeswoman Anne Luzzatto said the layoffs are mostly middle management and professionals in lending and deal making. She said they are expected to be completed by the end of 1991.
The corporate business division, which covers Japan, Europe and North America and Australia, had about 17,000 employees and plans to reduce expenses by more than $250 million annually, she said.
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