Citigroup to reduce workforce by 15000 - Good for India

Citigroup Inc executives are putting the finishing touches to a restructuring plan that is likely to involve around 15,000 job cuts and a charge against earnings of more than $1 billion, according to people familiar with the matter, The Wall Street Journal reported.

The review is being spearheaded by Chief Operating Officer Robert Druskin, who is due to report his recommendations internally by the end of the week, the Journal reported on Monday.

The financial company expects to unveil the plan by the time it reports its first-quarter results on April 16, the day before Citigroup's annual meeting, the Journal said.

While the plan isn't final, Druskin is contemplating a roughly 5 per cent reduction in Citigroup's worldwide workforce of 327,000, according to people familiar with the matter, the Journal said.

A representative from Citigroup said a review of the company's operations is under way, as announced last year. The review is scheduled to be done by April 16, but the representative would not comment on figures involved.