Citi Cutting in LatAm

Citi plans to “either sell or significantly scale back” consumer operations in Paraguay and Uruguay, and also cut down in Brazil, it says, as part of a global reduction. In Brazil, the bank plans to eliminate 14 branches. Globally, Citi is eliminating 11,000 positions, and expects $900m in expense savings for 2013 and more than $1.1bn in projected annual expense savings starting 2014 as a result. The changes will increase Citi’s operating efficiency by reducing excess capacity and expenses “whether they center on technology, real estate or simplifying our operations.” Citi declined to elaborate on the changes in LatAm.