Citigroup to cut 100 jobs in Uniondale operation
Fifty-five percent of Citigroup's shareholders voted Tuesday against the pay packages that have been granted to its top executives. Credit: AP, 2007
Citigroup Inc. plans to lay off 100 employees in its Reckson Plaza office in Uniondale, the bank said in a regulatory filing dated Tuesday.
The bank cited “economic” reasons for the layoff, which is scheduled to be completed by March 3. The layoff is part of a larger plan to cut about 5,000 employees because of unsteady stock markets and declining trading and investment fees, the bank said.
Citigroup has 261,000 employees worldwide, according to its latest Securities and Exchange Commission filing.
The Worker Adjustment and Retraining Notification Act filing said the banking company began notifying the Uniondale employees on July 2 about the layoffs and will continue through Dec. 3.
New York’s WARN Act requires private-sector employers with at least 50 full-time employees to give employees a written, 90-day advance notice of a plant closing or mass layoff.
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