Citigroup Plans to Cut 4,500 Jobs, Bank of America Confirms Layoffs Under Way

Citigroup Inc. (C) Chief Executive Vikram Pandit said the bank will eliminate 4,500 jobs "over the next few quarters" in an effort to reduce costs, The Associated Press reported.

Speaking at a Goldman Sachs investor conference in New York on Tuesday, Pandit said Citi will take a charge tied to these job cuts of about $400 million in the fourth quarter. The cuts represent about 1.5 percent of its global workforce of 267,000, according to AP.

Pandit also warned of an additional $500 million hit to revenue from an accounting-related charge stemming from the changing value of its debt.

The bank said in September it will reduce head count, but didn't specify an exact number. Reports said the number would total about 3,000, which is much lower than the latest figure announced.

Several other banks have also been eliminating staff. UBS AG said it's downsizing its investment bank to 16,000 people by 2016 from the current 18,000, AP reported.

Bank of America Corp. (BAC) said in the summer it would slash 30,000 jobs over the next few years, and the company's chief executive, Brian Moynihan, told investors and analysts during the Goldman Sachs conference that layoffs across the bank are under way, the Washington Business Journal reported.