(Bloomberg News) Citigroup Inc., the third-largest U.S. bank by assets, will likely avoid "massive" reductions in staffing amid a market slowdown, Chief Financial Officer John Gerspach said.
The company is more likely to cut jobs than add them while adjusting its workforce, Gerspach said today on a conference call with journalists. The New York-based bank employed about 263,000 people at the end of June, compared with 267,000 three months earlier, according to data posted today to its website.
Citigroup continues to cooperate with regulators examining whether banks manipulated benchmark interest rates, such as the London interbank offered rate known as Libor, Gerspach said. Investors shouldn't infer that the outcome will be similar at every firm under scrutiny, he said. Barclays Plc's chief executive officer, Robert Diamond, stepped down after the bank paid a 290 million-pound ($452 million) fine.