Citigroup lays off another 53,000 jobs
2008-11-18 07:37:21 (GMT) (Caymanmama.com - Business News)
Another American bank feels the economic strife as 53,000 jobs are expected to be cut
Chicago, Illinois (CaymanMama.com) — Layoffs are streaming in by the thousands forcing a staggering amount of Americans to frantically find other employment as the holidays near.
In a report by the Associated Press, Citigroup Inc. will be conducting a major downsizing of approximately 53,000 jobs in the coming quarters.
These layoffs come as a result of the struggle the banking giant has faced trying to stabilize itself after suffering remarkable losses from deteriorating debt.
The company posted their plans on the corporate web site and was a hot topic of discussion by CEO Vikram Pandit during the company’s town hall meeting with employees in New York on Monday.
“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 been met with grim financials reflecting losses for four straight quarters including a loss of $2.8 billion in the third. Citigroup plans to lower overall expenses by nearly 20 percent in addition to the job cuts, reducing the company’s assets by over 20 percent since the beginning of the year.
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