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Citicorp Sees at Least 4,250 Job Cuts:...

From Times Staff and Wire Reports

Citicorp Sees at Least 4,250 Job Cuts: One in four employees in Citicorp’s corporate banking sector could lose their jobs the next two years, and some employees in the consumer banking unit may also get pink slips as the nation’s biggest bank wrestles to cut costs, Chairman John S. Reed said. Reed also said Citicorp’s problem real estate loans--its main scourge and one that is crippling scores of U.S. banks--should peak next year.


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