Citicorp, the nation’s second-largest banking company, is eliminating 8.3 percent of its worldwide work force by April 1999 to cut the costs of processing customer transactions, the company said Tuesday.
The restructuring, which affects 7,500 of a global work force of some 90,000 people, initially will cost $889 million.
The cuts are required to stay competitive, said John S. Reed, chairman of the New York-based banking company. The parent of Citibank said the cuts are not directed at bank branches.
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