Citi CFO says expenses will grow on Q2 as consequence of 1,600 headcount reduction

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NEW YORK (Reuters) – Citigroup Inc (NYSE:C) in the second quarter will book severance costs associated with around 1,600 job cuts, chief financial officer Mark Mason said on Wednesday.

Speaking at a conference in New York, Mason said the bank’s expenses in the second quarter will be $300 million to $400 million higher than the first quarter, “largely attributed to those restructuring or repositioning charges that I had to incur.”