Citi to slash over 52,000 jobs; targets to cut cost by 20%

citi-bank-logoVikram Pandit-led financial services giant Citigroup on Monday said it will cut more than 52,000 jobs in the coming months and reduce expenses by 20 per cent in 2009.
Citi on Monday said it intends to reduce the total head count to less than 3,00,000 in the near term as part of the plan.

The financial services behemoth had a workforce of 3,52,000 in the third quarter of 2008. “The head count is expected to be down 20 per cent in the near term from peak levels,” the company said on Monday.

Aiming to have less than 3,00,000 people, Citi would have to cut over 52,000 jobs.
The plans to be discussed in the meeting with Citi staff in New York on Monday are posted as a power point presentation on the company’s website.

The firm, which has been severely battered by the financial crisis, has incurred huge losses in recent quarters. In the third quarter, Citi had a loss of $2.8 billion. In terms of expenses, the financial services major aims to save $50 billion to $52 billion in 2009.

“Expenses are expected to be down 20 per cent from peak levels,” the firm led by India-born Pandit said.

Source: NDTV

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