Citigroup Plans to Cut 53,000 More Jobs

Citigroup Inc. (C) is cutting approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.

The New York-based bank also plans to trim expenses by 19% in 2009 from third-quarter levels, to $50 billion.

The plans, posted on the company's Web site, were discussed by CEO Vikram Pandit at the company's town hall meeting in New York Monday with employees. The company said it is shrinking its work force by 20 percent from its 2007 peak of 375,000. The company had already announced in October that it was eliminating about 22,000 jobs from that level.

by Mark Anderson | 11/17/08 | Stocks: C,

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Citigroup Plans to Cut 53,000 More Jobs

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Can Citigroup Be Saved?

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