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Citigroup to cut 53,000 jobs

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Hofstede, Nov 17, 2008.

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    Hofstede JF-Expert Member

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    Nov 17, 2008
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    Citigroup Inc. plans to cut 50,000 people from its workforce, CNBC television said on Monday, as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench.
    (AP Photo)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 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 total workforce reductions include thousands of jobs that will be lost when Citigroup completes the sale of Citi Global Services and its German retail banking business.

    The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter. The company said that in addition to job cuts, it plans to lower expenses by about 20 percent, and that is has reduced its assets by more than 20 percent since the first quarter of the year.


    Source: ABC News: Citigroup to Cut Another 53,000 Jobs
     
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