Citi's risk management goup to be trimmed

The bank’s risk management services will be consolidated across business sectors within a region or country to eliminate duplication and share expertise. The bank would not give further details of where the losses would fall.

Most of the announced 17,000 losses will hit the middle and back offices, including compliance roles. Fifty-seven percent of the cuts will come from outside the US, and 43% from inside the US.

The cuts come as a result of an expense review that is expected to save the bank $4.6 billion by 2009. The bank hopes to instill an expense discipline in the company that should result in additional savings but may lead to further job cuts.

In addition to these cuts, 9,500 middle and back office staff will be moved to low-cost locations in the US and abroad, although half of these roles will be moved within a region and two thirds of them through attrition.
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