Citigroup to cut 53,000 jobs

November 17th, 2008 - 11:00 pm ICT by IANS  

New York, Nov 17 (IANS) Hit by massive losses, banking giant Citigroup Monday announced to cut about 53,000 jobs in the coming months and slash its expenditure by 20 percent next year. The measures are part of the Citigroup’s efforts to overcome the huge losses it has suffered in the last four straight quarters, including $2.8 billion in the third quarter.

The company, headed by Indian American Vikram Pandit, posted its plans on its website Monday morning. This was also discussed by Pandit, the Citigroup CEO, at a town hall meeting with its employees in New York.

With this, the strength of Citigroup would come down from its peak of 375,000 in 2007 to 300,000 employees. In October, the company announced to cut 22,000 jobs.

The banking giant also said it is planning to reduce its expenses by one-fifth.

The announcement comes a day after seven Goldman Sachs top executives announced to forgo their bonuses, running into millions of dollars, as part of their effort to overcome current credit crisis.

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