Translation: "We're Firing 11,000 People"

Inspired by a translation by Derek Thompson of The Atlantic, I offer what I think is a more concise and accurate translation of Citigroup's press release, below: "We are firing 11,000 people."

Citigroup Announces Repositioning Actions to Further Reduce Expenses and Improve Efficiency

 *** [three (3) subheadings]

New York – Citigroup today announced a series of repositioning actions that will further reduce expenses and improve efficiency across the company while maintaining Citi's unique capabilities to serve clients, especially in the emerging markets. These actions will result in increased business efficiency, streamlined operations and an optimized consumer footprint across geographies.

 *** [three (3) BS paragraphs on savings]

[intro blah] ... The repositioning actions are expected to result in a reduction of approximately 1,900 positions, of which more than half are in the Operations & Technology functions that support the business. ... [blah blah]

Global Consumer Banking (GCB): Approximately 35 percent of the fourth quarter repositioning charges are expected to be incurred in Global Consumer Banking, resulting in a reduction of approximately 6,200 positions, of which approximately 40 percent are in the Operations & Technology functions that support the business. ... [blah de blah]

 *** [Discussion of all the exciting places worldwide Citi will have branches]

Citi Holdings: Citi Holdings is expected to eliminate approximately 350 positions and incur approximately 5 percent of the repositioning charges. . Most of the repositioning charges are related to branch rationalization in Greece and Spain.

Corporate/Other: About 25 percent of the announced repositioning charges are expected to be incurred in Corporate/Other. [The fact that Citi even has a division called "Corporate/Other" is awesome.]

[Unnumbered footnote] Operations & Technology: Citi's Operations & Technology function is expected to achieve greater efficiency through increasing standardization and the use of automated processes; streamlining the organizational structure; and consolidating functions and moving certain positions to lower-cost locations. In addition, there will be a consolidation of certain locations in Citi's real estate portfolio. In addition to the reductions in Operations & Technology positions that support the ICG and GCB businesses, these actions will result in the reduction of approximately 2,300 positions that support corporate services, real estate, and Citi Holdings.

[Unnumbered footnote] Global Functions: Roughly 300 Global Functions positions will be eliminated as a result of efficiency savings.

[Footnote]"[blah]" concluded Mr. Corbat.