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November 17, 2008

Citigroup announces 53,000 further job cuts

By Spear's

Citigroup has announced that it intends to cut an additional 53,000 jobs worldwide as the banking giant struggles with four consecutive quarters of heavy losses

Citigroup has announced that it intends to cut an additional 53,000 jobs worldwide as the US banking giant struggles with the global financial crisis and four consecutive quarters of heavy losses. The cuts are chief executive Vikram Pandit’s most dramatic move yet to restore profitability and bolster a sagging share price.

The company said the new job reductions, on top of 22,000 already announced, would shrink its global workforce by a fifth to 300,000 employees.

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