Business | Banking
Citigroup to cut another 53,000 jobs
Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
- AP
- Published: 18:49 November 17, 2008
New York: Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
The plans, posted on the company's Web site, are being discussed by CEO Vikram Pandit at the company's town hall meeting in New York on Monday with employees.
The company said total headcount is being reduced by 20 per cent from its peak of 375,000 at the end of 2007; the company had already announced in October that it was eliminating about 22,000 jobs from those levels.
The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter.
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