Citigroup to eliminate 52,000 more jobs

Nov. 17, 2008 at 11:05 AM
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NEW YORK, Nov. 17 (UPI) -- Citigroup Inc., the second largest U.S. bank said Monday it would slash its payroll by about 52,000 jobs, cutting its workforce down to 300,000.

In the past 12 months, the bank has cut 23,000 jobs, while losing more than $20 billion in investments tied to the U.S. housing market, CNNMoney reported.

Chief Executive Officer Vikram Pandit was scheduled to discuss the cuts in a town hall style meeting Monday morning.

One employee apparently still safe at his job is bank Chairman Win Bischoff. Following a story in The Wall Street Journal that the board of directors was seeking to replace Bischoff, the bank's board sent a memo to employees that said the story was "irresponsible and completely inaccurate," CNNMoney reported.

The bank indicated the cuts would be enacted in the "near-term," a move to impress upon investors it was being proactive about making changes, a source told CNBC.

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