Citibank plans to layoff 53000 employee
Citigroup Inc., the US bank with the most employees, plans to layoff 53,000 employees and cut expenses by 20%. This is the biggest cut so far by a financial institution since the economic crisis began and the biggest layoffs in the US since the automobile industry laid off almost 80,000 workers in 1980.
CEO Vikram Pandit intends to reduce headcount by about 14% to 300,000 in the ‘‘near term’’, a presentation on the firm’s website said on Monday. Pandit has already cut 23,000 jobs, leaving the New York-based bank with 352,000 employees as of September 30.
About 100,000 jobs have already been lost at the largest banks and brokerages. In the last month, Goldman Sachs Group Inc began cutting 3,200 jobs, while Morgan Stanley said it would cut 10% of the jobs in the unit housing its investment banking operations.
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