Citi plans 4,500 layoffs

@CNNMoney December 6, 2011: 6:30 PM ET
Citigroup will lay off roughly 4,500 employees over the next few months, CEO Vikram Pandit said Tuesday, as Wall Street continues to bleed jobs amid the tough economic times.

More Wall Street job cuts are ahead, this time at Citigroup.

NEW YORK (CNNMoney) -- Citigroup will lay off roughly 4,500 employees over the next few months, CEO Vikram Pandit said Tuesday, as Wall Street continues to bleed jobs amid tough economic times.

Speaking at the Goldman Sachs Financial Services Conference in New York on Tuesday afternoon, Pandit said the cuts would come over the next few quarters.

Citi (C, Fortune 500) will book a charge of approximately $400 million in the fourth quarter of this year due to severance payments and other expenses associated with the layoffs.

"As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi," said Jon Diat, spokesman for Citi, in an email.

Citi employed 267,000 employees worldwide as of September. The company said in November that it was planning layoffs, which a source said at the time were expected to top out around 3,000.

Wall Street's shrinking job pool

The financial services industry has lost more than 200,000 jobs globally this year, according to data compiled by Bloomberg. Bank of America (BAC, Fortune 500) alone has announced plans to cut 30,000 employees over the next several years.

Year-end bonuses, meanwhile, will decline between 20% and 30% on Wall Street this year, according to compensation consulting firm Johnson Associates. Overall compensation for finance professionals in the United States, Europe, the Middle East and Africa will drop 27% this year, the lowest levels since 2008, according to the Options Group consulting firm. To top of page

CNNMoney Sponsors

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.