November 17, 2008

Citi is to cut 52,000 staff worldwide in 2009, on top of 23,000 previously announced job cuts, the BBC reported today.

New York and London will see most losses, Citi said—responding to the BBC, after word leaked from a Citi webinar for its investors that it would now cut 20 percent of its global workforce. The webinar is on Citi's website.

Citi has 375,000 employees, 75,000 of whom will go from the latest cuts of 52,000, plus the 23,000 previously reported. The layoffs should allow it to cut its expenses by 20 percent next year, Citi said.

New York-based Citi revealed today that it had lost $308 billion in assets in the twelve months since Sept. 30, 2007, leaving it with $2.05 trillion in assets at the end of the third quarter, 2008.

Some critics say the organization grew too fast within the past decade to weather well the recent financial crisis, .

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