CITI cuts 52,000 jobs

Losses and Lawsuits

NEW YORK - Citigroup has announced plans to cut a further 52,000 jobs. The layoffs come in addition to the 23,000 job losses announced earlier this year. The 75,000 reduction represents about 20% of the group's global workforce, leaving it with about 300,000 remaining staff worldwide.

The beleaguered bank has now reported four quarters of losses since the beginning of the subprime crisis last year. Citi says the job losses will take the form of redundancies, the sale of some business units and natural wastage.

The bank's chief executive, Vikram Pandit, has said the cuts form part of Citi's efforts to bring expenses down to $50 billion in 2009. Rival banks Goldman Sachs and the Royal Bank of Scotland have both also signalled headcutting plans, while analysts belive another Wall Street bank, JP Morgan, is considering cutting 3,000 jobs.

New York attorney-general Andrew Cuomo said Citi ought to "avoid sending the wrong message", and should follow rival Goldman Sachs' example of cutting senior executive bonuses.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here