Citi to cut 53,000 jobs
Citigroup Inc. is cutting 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 website, are being discussed by the CEO, Mr 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 3.75 lakh 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.
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To read the ePaper, visit:
http://www.dc-epaper.com/DC/DCH/2008/11/18/index.shtml
The plans, posted on the company’s website, are being discussed by the CEO, Mr 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 3.75 lakh 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.
To read the full article, click here..
To read the ePaper, visit:
http://www.dc-epaper.com/DC/DCH/2008/11/18/index.shtml
Labels: banking giant struggles, Citi Global Services, Citi shares fell, Citigroup, German retail banking business, reduce expenses, suffering massive losses from deteriorating debt, workforce reductions
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10:29 AM
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