Updated at 8:14 a.m., Monday, November 17, 2008
Citigroup expected to cut 53,000 more jobs
Associated Press
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file photo of CEO Vikram Pandit
AP Photo/Citigroup, file
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A pedestrian walks past a branch of Citigroup bank in the City of London, Monday, Nov. 17, 2008. Banking giant Citigroup said it planned to shed 53,000 jobs with losses falling "particularly heavily" in London and New York. The cut, along with previously announced job losses of around 22,000, will leave it with a global total of 300,000 employees in the near term.
(AP Photo/Sang Tan)
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A man stands in the window of the Citibank branch next to the Citigroup headquarters in Manhattan on Nov. 17, 2008. Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
AP Photo / Brian McDermott
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NEW YORK — A person briefed on Citigroup's plans says the banking giant is cutting another 53,000 jobs in the coming quarters.
CEO Vikram Pandit is revealing the plan at the company's town hall meeting today with employees.
The person requested anonymity 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.
