News

11:06 AM
Connect Directly
RSS
E-Mail
50%
50%

Another Mass Layoff at Citi: 52,000 Jobs

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, .

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Slideshows
Video
Bank Systems & Technology Radio