Citigroup layoffs: 52,000 more will lose their jobs

Citigroup (NYSE:C) the second largest bank by assets in America has said on Monday that due to the credit crisis plaguing Wall Street that they will be reducing employee levels down to 300,000 from the 352,000 workforce it has at the moment, shedding 52,000 jobs in the process.

The reports came as Citigroup posted an investors presentation on their website stating the move, it was only September that 23,000 employee’s of Citigroup lost their jobs. It has been highly speculated that the job redundancies will be in the banks Wealth management and investment banking division.

The New York bases bank has been one of the hardest hit by the financial crisis as it struggles to keep costs down to survive. Citigroup has lost more than $20 billion in the last four quarters largely to do with bad US mortgage debts.

Source: CNN