NEW YORK, Nov. 18 (Agencies) – The US banking giant, Citigroup Inc., is reportedly planning to cut more than 50,000 jobs as the global financial crisis deepens. Citigroup is the second biggest shareholder of the US Federal Reserve and one of the main beneficiaries of the consolidation process triggered by the finance sector crisis.
According to the firm's website on Monday, in the 'near term' Chief Executive Officer Vikram Pandit intends to cut jobs by about 14 percent to reach a 300,000 workforce.
Citigroup, the US bank with the most employees, has already slashed 23,000 jobs, leaving the bank with 352,000 employees as of Sept. 30.
The bank's shares slumped 19 percent in New York trading last week. Citigroup has suffered four straight quarterly losses this year totaling $20 billion.
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