Citigroup today plans to announce it will cut more than 50,000 jobs, about 14 percent of its work force, according to a report on Bloomberg News. The cuts are on top of a previous round of 23,000 layoffs.
The company outlined its plans – which include reducing expenses by 20 percent – in a presentation posted on its website, Bloomberg said. The Associated Press, quoting an unnamed source, confirmed Citigroup will slash 53,000 jobs.
The layoffs are the latest example of the contraction in the financial industry, which has been by crippled by the ongoing credit squeeze and exposure to the subprime mortgage market. Over the weekend, Britain’s Telegraph said that JPMorgan Chase plans to cut thousands of jobs, too.
(Dov Gordon – YWN NYC)
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