Less than 1 percent of South Dakota Citigroup workers impacted b - KSFY News - Sioux Falls, SD News, Weather, Sports

Less than 1 percent of South Dakota Citigroup workers impacted by cuts

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South Dakota is expected to experience only a slight impact in the recent cuts announced by the Citigroup.

According to Janis Tarter, Citi Global Public Affairs, 2,500 Citigroup employees work in South Dakota and only less than one percent are expected to be impacted by the company's decision.

The bank said it looks to cut expenses and improve efficiency.

The company said Wednesday the cuts will result in about $1 billion in charges in the fourth quarter and about $100 million in charges during the first half of next year.

Citi expects about $900 million in expense savings in 2013 and annual expense savings of more than $1.1 billion starting in 2014.

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