Citi (C) to Cut 2,000 Jobs Next Month : Report

Shares of Citigroup Inc. (C) are down by 2.63% to $51.45 in mid-day trading on Friday following a Bloomberg report that said the New York-based banking giant plans to cut at least 2,000 jobs starting next month as CEO Michael Corbat restructures some of the bank’s businesses. The report notes that the substantial portion of the layoffs will be in middle or back-office positions.

Citigroup had 239,000 workers at the end of September.

On trading measures, in the past 52 weeks Citi shares have traded between a low of $46.60 and a high of $60.95, which is 30.79% above that low price. Over the past 5 trading sessions the stock has gained 0.36%.

Citigroup is up 1.04% year-over-year ; down 2.06% year-to-date.

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