Citigroup to slash 52,000 jobs: shares slide
Citigroup Inc revealed plans to cut 52,000 jobs by early next year in Chief Executive Vikram Pandit's most dramatic move yet to restore profitability and bolster a sagging share price.
The cuts, announced on November 17, will affect 15 percent of Citigroup's workforce and come on top of 23,000 jobs eliminated between January and September as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench.
The new cuts will leave the second-largest U.S. bank with about 300,000 jobs worldwide, down 20 percent from the end of 2007 and roughly the same number it had at the end of 2005.
To read the full article, click here..
To read the ePaper, visit: http://www.desitalk.com
The cuts, announced on November 17, will affect 15 percent of Citigroup's workforce and come on top of 23,000 jobs eliminated between January and September as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench.
The new cuts will leave the second-largest U.S. bank with about 300,000 jobs worldwide, down 20 percent from the end of 2007 and roughly the same number it had at the end of 2005.
To read the full article, click here..
To read the ePaper, visit: http://www.desitalk.com
Labels: Citigroup Inc, Citigroup stock fell, global credit conditions, layoffs, second-largest U.S. bank, Wall Street Crisis
posted by PressMart Team at
12:05 AM
0 Comments:
Post a Comment
<< Home