Vikram Pandit, CEO of Citigroup Inc.
announced the bank is planning to eliminate about 4,500 jobs beginning in the 4th
quarter. Padit expects that job reductions will be executed during the next few
quarters. Citigroup is going to undertake a charge of the $400 m in the 4th
quarter linked to those cuts. CEO also told the bank is going to return capital
to its shareholders over the next year.