Citigroup Inc is cutting about 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
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| Pedestrians walk by US bank Citigroup world headquarters on Park Avenue, in New York,on November 17, 2008. Citigroup said it would cut 20 percent of its global workforce, or some 53,000 jobs, as the US banking giant struggles with the global financial crisis and four consecutive quarterly losses. [AFP PHOTO] |
The plans, posted on the company's website, were being discussed by CEO Vikram Pandit at the company's town hall meeting in New York Monday with employees.
The company said total headcount is being reduced by 20 percent 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.
(China Daily via Agencies November 18, 2008)
