Published on Monday, November 17, 2008
By Daily Bulletin Staff Writer
A spokesman for Citigroup Inc. wouldn't say if the behemoth New York-based financial institution will slash jobs across its Inland Empire locations, but he admitted the cuts will be "broad-based."
The nation's largest bank said Monday that it's axing 53,000 workers around the globe to deal with massive losses from its debt. Several of Citigroup's banking, mortgage and financial operations employ hundreds of people across San Bernardino and Riverside counties.
As the region grew by leaps and bounds during the housing boom, the company aggressively competed with Washington Mutual and Wells Fargo.
"All of our businesses around the world will be impacted in some way," said Steve Cohen, spokesman with Citigroup. "That doesn't necessarily mean every sub-part will be impacted."
Kerry Bubb, president of Redlands-based KWB Wealth Managers Group, said he wouldn't be surprised if local Citigroup offices and Citibank branches shed employees
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