Citigroup to axe another 35,000 jobs totaling 58,000 job losses

Citigroup (NYSE:C) are to axe another 10 percent of its workforce worldwide according to Reuters, with Citigroup shedding 23,000 jobs already this year, this comes as Vikran Pandit the new Chief Executive comes under criticism as he puts together a plan to regain profit by shedding $400 billion of assets.

The shocking news could mean another 35,000 jobs will go if we take the employee figures of September 30 that stood at 352,000.

Pandit will be holding a meeting to discuss Citigroup’s plans on November 17 part of the meeting will cover “the money we spend”, however Pandit has come under fire for not implementing a feasible turnaround plan for Citigroup based in New York.

With Citigroup’s shares late Friday (14 November) at $9.58 this is a far cry from the beginning of the year when they were worth $29.44 per share.

Source: Reuters