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first_imgDruskin led the structural expense review, which was aimed at reducing costs at the New York-headquartered bank and improving profit. Citigroup executives have been under pressure from analysts and a number of investors, including Saudi Arabian Prince Alwaleed bin Talal, Citigroup’s biggest individual shareholder, to improve performance. The bank’s stock has not done as well as its peers, including Bank of America and JPMorgan Chase & Co., which have been more profitable. The elimination of the jobs won’t reduce the bank’s work force, but merely slow its growth, Citi executives said. Druskin told a conference call with Wall Street analysts they should expect Citi’s headcount to grow this year because of acquisitions and plans to open new branches, especially overseas. “But that rate of growth will be at a significantly diminished rate,” Druskin said. NEW YORK – Under pressure from investors to contain burgeoning costs, Citigroup Inc., the nation’s largest financial institution, announced that it will eliminate about 17,000 jobs, shift 9,500 positions to “lower cost locations” and consolidate some corporate operations. The steps – which are expected to shave more than $2 billion from the bank’s operating costs this year alone – also should result in faster service for consumers and businesses, Citi’s chief operating officer, Robert Druskin, said Wednesday. “A lot of the initiatives undertaken in the name of expense reduction also are designed to unclog our corporate system,” he told The Associated Press. “We want to make Citigroup a more nimble, entrepreneurial place. We want decision-making to be quicker. We want things to move through the pipelines faster.” The 17,000 job cuts amount to about 5 percent of the bank’s 327,000-strong work force. Goldman Sachs analysts William F. Tanona and Daniel Harris predicted “a tepid reaction” by investors they said had expected deeper cuts. In afternoon trading, the bank’s shares dropped 89 cents, or 1.7 percent, to $51.51 on the New York Stock Exchange. Carter Burgess, managing director of the Directorship Search Group, a recruiting firm based in Greenwich, Conn., said that “the question is, if all these areas for cutting expenses exist, why wasn’t it done sooner?” He noted that Citigroup, like many of the giant money center banks, was built through a series of mergers and acquisitions and that “it’s not totally clear you can make all of this work efficiently together.” Charles Prince, the bank’s chairman and chief executive officer, said that implementation of Druskin’s recommendations “will improve business integration as well as our ability to move quickly and seize new growth opportunities.” Prince also emphasized that more expense cutbacks were possible, saying that Citi was adopting “a continuous approach to improving our efficiency – this is not a one-time effort.” The changes announced Wednesday include eliminating unnecessary layers of management, reducing staff at corporate headquarters and other locations, expanding centralized procurement and consolidating some back-office and middle-office functions to eliminate duplication. The bank said that including previously announced information technology savings, the overhaul will save the New York-based bank about $2.1 billion in 2007, $3.7 billion in 2008 and $4.6 billion in 2009. Citigroup said it will record a pretax charge of $1.38 billion in the first quarter of 2007, and additional charges totaling approximately $200 million pretax over the subsequent quarters of 2007. The bank reports its first-quarter earnings next week. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

first_img Sign up for our daily newsletter Get more great content like this delivered right to you! Country Drop in ‘forbidden’ words Usage of specific terms in Centers for Disease Control and Prevention budget requests. Protesters from several health advocacy groups gathered this morning in front of the Washington, D.C., offices of the Centers for Disease Control and Prevention. Science tallied the usage of these words in CDC’s budget requests to Congress—formally known as Justification of Estimates for Appropriation Committees—for the past 4 years, including the last three submitted by Obama. The phrase “evidence-based” was the most common by far, appearing 125 times in the fiscal year 2017 request. In contrast, Trump’s 2018 budget request for CDC used it only 38 times, although the document was half the length of the last one Obama wrote. Diversity took a dive in 2018, to two mentions, compared with 10 in Obama’s last budget; the only remaining references were to CDC’s Office of Women’s Health and the Diversity Management Program and geographic diversity. “Vulnerable” was invoked nine times by Trump compared with 24 times by Obama.In contrast, the words “fetus” (in reference to Zika virus and microcephaly) and “entitlement” (“fighting waste, fraud, and abuse in Federal entitlement programs”) each appeared once in Trump’s 2018 budget. None of Obama’s three most recent budget requests mentions either word. Presidential budget requests are political documents, and the wrong word can send a confusing message—and trigger controversy. President Donald Trump’s administration appears to have kicked up its own tumult by instructing the U.S. Centers for Disease Control and Prevention (CDC) to avoid certain words in its 2019 budget request.On Friday, The Washington Post reported that CDC officials last week flagged seven words and phrases—diversity, entitlement, evidence-based, fetus, science-based, transgender, and vulnerable—that should not be used in connection with the budget document, due out in early February 2018. An analysis by ScienceInsider of the past four CDC budget requests finds that such a policy may have already gone into effect: Those words, in toto, appeared two-thirds less frequently in Trump’s 2018 budget request to Congress than in former President Barack Obama’s final budget submission for 2017.Critics slammed the purported ban. “Here’s a word that’s still allowed: ridiculous,” Rush Holt, CEO of AAAS (Science’s publisher), told the Post. Other science advocates decried the alleged dictate as “an Orwellian attack on scientific integrity,” “absurd,” “irrational,” and “censorship.” This morning, representatives from several science and justice advocacy groups held a small protest in front of CDC’s Washington, D.C., office. Email Click to view the privacy policy. Required fields are indicated by an asterisk (*) CDC word ban? The fight over seven health-related words in the president’s next budgetcenter_img Alex Morash/The National LGBTQ Task Force Country * Afghanistan Aland Islands Albania Algeria Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia, Plurinational State of Bonaire, Sint Eustatius and Saba Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos (Keeling) Islands Colombia Comoros Congo Congo, the Democratic Republic of the Cook Islands Costa Rica Cote d’Ivoire Croatia Cuba Curaçao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands (Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Holy See (Vatican City State) Honduras Hungary Iceland India Indonesia Iran, Islamic Republic of Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, Democratic People’s Republic of Korea, Republic of Kuwait Kyrgyzstan Lao People’s Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macedonia, the former Yugoslav Republic of Madagascar Malawi Malaysia Maldives Mali Malta Martinique Mauritania Mauritius Mayotte Mexico Moldova, Republic of Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Norway Oman Pakistan Palestine Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Qatar Reunion Romania Russian Federation Rwanda Saint Barthélemy Saint Helena, Ascension and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Martin (French part) Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten (Dutch part) Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Tajikistan Tanzania, United Republic of Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Vietnam Virgin Islands, British Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe By Jon CohenDec. 18, 2017 , 2:40 PM *Note: “strain” and “genetic” diversity not counted. Credits: (Graphic) J. Cohen/Science; (Data) Centers for Disease Control and Prevention As the Post noted, CDC’s parent agency, the Department of Health and Human Services (HHS), issued a statement that strongly challenged the media reports. “The assertion that HHS has ‘banned words’ is a complete mischaracterization of discussions regarding the budget formulation process,” the statement said. “HHS will continue to use the best scientific evidence available to improve the health of all Americans. HHS also strongly encourages the use of outcome and evidence data in program evaluations and budget decisions.”CDC Director Brenda Fitzgerald addressed the controversy on Twitter. “I want to assure you there are no banned words at CDC,” Fitzgerald tweeted yesterday.The Food and Drug Administration (FDA), another HHS branch, stated that there were no word bans there. “We haven’t received, nor implemented, any directives with respect to the language used at FDA to describe our policy or budget issues,” said a spokesperson. The media office for the director at the National Institutes of Health, another HHS unit, told Science that “we are deferring requests to HHS.”last_img read more