Due to the ongoing GLOBAL recession, Citigroup (C) Chief Executive Officer Vikram Pandit announced today his company's intentions to lay off more than 50,000 employees in the 'near term'. The job cuts are a direct result of Citigroup's COST reduction efforts and will enable the major New-York based bank to stay competitive by reducing total company expenses by approximately 20% in 2009 to $50 Billion (versus the $62 Billion they spent during 2008).Per the below link:
* Citigroup will reduce employee headcount by about 15% to 300K employees worldwide (as of September 30th, 2008, Citigroup employed approx 352,000 employees)
* Citigroup laid off an additional 23,000 employees earlier in 2008
* Even with Citi's loss of about 75K jobs during 2008, Citigroup remains the largest U.S. bank by employee headcount
* According to data compiled by Bloomberg, banks and brokerage firms worldwide have now announced more than 200,000 Job Cuts in the financial sector since the beginning of the subprime mortgage market collapse in 2007 !
bloomberg.com/apps/news?pid=20601087&sid
Data Courtesy: Bloomberg
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