Monday, November 17, 2008

Citigroup to cut more than 50,000 jobs

Citigroup to cut more than 50,000 jobs

Citigroup said Monday it planned to cut more than 50,000 jobs, the latest move by the struggling bank to cut costs in order to weather the credit crisis plaguing Wall Street

Posted by mark @ 02:00 PM (802 views)
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3 thoughts on “Citigroup to cut more than 50,000 jobs

  • BBC have it as follows –

    Citigroup set to cut 75,000 jobs

    Citigroup is trying to combat the effects of the credit crunch
    US bank Citigroup has announced plans for up to 75,000 job cuts, up from a previously announced total of 23,000.

    Citigroup said in a statement that the cuts represented a reduction of about 20% of its staff, leaving the bank with 300,000 jobs worldwide.

    The cuts will come from redundancies, the sale of units and natural wastage, the bank said.

    Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.

    “Underlying business remains strong and revenues have been stable,” the bank said.

    Citigroup also said its capital position was “very strong”.

    The bank expects its expenses to be down 20% from peak levels after the job cuts have taken effect.

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  • a big chunk from London I expect.

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  • But I thought house prices were going up forever, so how did they allow this?

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