Citigroup to add 1K people to Florida to cut costs

Citigroup is planning to add around 1,000 people in Florida, while cutting jobs in New York, as part of the bank's ongoing effort to cut costs.

Citigroup is looking for snowbirds.

Michael Corbat’s bank will add 1,000 new jobs in Florida as part of a broader strategy to cut costs at the New York-based bank — the latest attempt by Wall Street to move workers to cheaper locales.

“Our commitment to Florida is underscored by our decision to locate more of our US employees here than in any other state, after New York,” Corbat said during the company’s annual investor meeting in Coral Gables, Fla., according to Bloomberg.

Wall Street’s head count is still about 9 percent lower than it was in 2007, with some 174,000 jobs in the securities industry as of August, according to New York State Comptroller Thomas DiNapoli — a result of layoffs and outsourcing to less expensive locales.

Payrolls in New York are more expensive than in other places — with the average banker taking home $404,000 a year, according to state data.

Citi’s average salary in the Tampa Bay area, where the company houses some of its 10,000 Florida workers in back-office and anti-money laundering operations, is about $75,000, according to the Tampa Bay Times.

April has been a mixed month for the bank. It was the only major bank to submit a “credible” living will, but reported first-quarter profits fell 27 percent.

Corbat didn’t say when he plans on adding the new jobs. Spokespeople for Citi weren’t available for comment.