NEW YORK — Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
The plans, posted on the company’s Web site, are being discussed by CEO Vikram Pandit at the company’s town hall meeting in New York Monday with employees.
The company said total headcount is being reduced by 20 per cent from its peak of 375,000 at the end of 2007. The bank had already announced in October that it was eliminating about 22,000 jobs from those levels.
My question is, what kind of business are you running that allows you to shed 53,000 + 22,000 jobs in the coming quarters and you are still able to function as a company?
I was interviewed a couple of times at Citi and I am sure glad I did not get the position!!