Citi Cuts 2,000 More Jobs, Severance Costs Hit $650 Million (1)

Citigroup Inc. trimmed headcount by another 2,000 jobs in the third quarter, bringing the firm’s total severance charges for the year to $650 million.

The company has cut about 7,000 positions so far this year, Chief Financial Officer Mark Mason said on a conference call with analysts discussing earnings. That compares with the $450 million in charges the bank had recorded at the end of June, which Mason said at the time covered about 5,000 dismissals.

“Headcount’s coming down associated with those repositioning charges,” Mason said, noting the charges the firm recorded so far this year don’t encapsulate the reorganization ...