Citigroup to cut more than 52,000 jobs

Citigroup to cut more than 52,000 jobs

Citigroup to cut more than 52,000 jobs

The US based Financial Services Giant Citigroup, led by NRI Vikram Pandit, has plans to cut more than 52,000 jobs in the coming months as part of the plan to reduce expenses by 20 per cent in 2009.

Citi said it intends to reduce the total head count to less than 3,00,000 in the near term as part of the plan. Citi had a workforce of 3,52,000 in the third quarter of 2008.

Citi 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 USD 2.8 billion.

In terms of expenses, the financial services major aim to save USD 50 billion to USD 52 billion in 2009.

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