Citigroup To Cut 53,000 More Jobs
NEW YORK — A person briefed on Citigroup’s plans said the banking giant will cut another 53,000 jobs in the coming quarters.
CEO Vikram Pandit will reveal the plan at the company’s town hall meeting Monday with employees.
The person didn’t want to be identified because the plans haven’t been made public yet.
The 53,000 job cuts are in addition to the 22,000 already being eliminated from Citigroup Inc.’s 375,000-member work force as of the end of 2007. 
The latest cuts bring the total job reductions to 20 percent.
Citigroup, the nation’s second largest bank by assets behind JPMorgan Chase, has been one of the hardest hit financial institutions during the credit crisis.
Over the past four quarters, the company has lost more than $20 billion, due in large part to its ill-timed bets on the U.S. housing market.
Citigroup is among nine banks, including JPMorgan Chase, that have received $125 billion in government bailout help.