TRAVELERS TO TRIM STAFF: MERGED COMPANY TO LOSE 8,000 JOBS; MORE CUTS POSSIBLE IN COMING YEAR

Crain's New York Business, September, 1998

Travelers Group Inc. and Citicorp may cut as many as 8,000 jobs, or 5% of the combined companies' staff, by year's end as they prepare to merge amid bond trading losses and a bear market. A spokesman for the companies said the layoffs would occur in areas including corporate headquarters and emerging markets, and more cuts are possible next year.

Many of the job cuts are expected to come in the New York area. Analysts suggested that layoffs at other major banks and securities firms were likely in the weeks ahead. NBC TRIMS BACK NBC unveiled a plan to cut as many as 300 jobs, or about 5% of its workforce, to offset rising costs that are hurting the media company's profitability. A spokeswoman said that divisions such as finance and other back-office functions will...

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