April 11, 2007	Wednesday	Rabi-ul-Awwal 22, 1428

NEW YORK, April 10: Global banking behemoth Citigroup is on the verge of announcing a major overhaul of its operations that will see over 26,000 jobs eliminated or reassigned, according to US media reports on Tuesday.

The New York Times said the jobs cuts and reassignments would affect over 26,000 employees but other reports suggested a lower number of under 20,000 posts.

A Citigroup spokeswoman declined to comment on the reports, but the banking giant is due to announce the results of a wide-ranging expense review on Wednesday to investors.

The New York Times, which cited people close to the plans, said the potential workforce changes would affect about eight per cent of the firm’s employees.

Citigroup’s total headcount is 327,000.

The financial powerhouse and its chief executive Charles Prince, who is due to participate in Wednesday’s announcement, have come under heavy pressure from leading shareholders and investors in recent months to slash Citigroup’s expenses.

The bank is also facing stiff competition from rival Bank of America which has expanded aggressively in recent years.

Citigroup has been mulling relocating staff from expensive New York offices elsewhere.

—AFP