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Citigroup Whacks Another 50,000 Jobs; Cuts Expenses by 20%
Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009.
The cuts are on top of the 23,000 jobs eliminated so far this year. Chief Executive Officer Vikram Pandit plans to whittle the company’s workforce down to 300,000. By the time Pandit puts down the machete, he’ll have lopped off about 20% of the company’s headcount since Citigroup’s peak.
Just last week, Citigroup announced the release of 10,000 employees in addition to hiking…
18Nov2008 | Money Morning | Comments Off | Continued
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