Citigroup to cut 53,000 more jobs
After suffering massive losses from deteriorating debt, Citigroup Inc, is going to cut about 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself.
This news has been posted on the company’s website. Moreover, at the town hall meeting of the company, the plans were being discussed by CEO Vikram Pandit in New York on Nov 17 with employees.
In October, the company had already announced that it was eliminating about 22,000 jobs from the level of 2007, when the headcount reached its peak of 375,000 at the end of the year. The company said that the total headcount is being reduced by 20 percent.
Including a loss of $2.8 billion during the third quarter, the New York-based bank has posted four straight quarterly losses.
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