Citigroup is planning to eliminate an additional 50,000 jobs and reduce expenses by 20 percent from their peak as the world recognizes that it has slipped into recession. According to a report by Zachary R. Mider in Bloomberg.com, CEO Vikram Pandit will announce the layoff plan today.
The 50,000 positions being eliminated constitute about 14 percent of Citigroup’s workforce as of September 30, 2008. Worldwide, banks and brokerage firms have cut almost 160,000 jobs since the subprime mortgage market collapsed last year.
These layoffs are apparently in addition to the 10,000 layoffs put into effect last week.
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