Citigroup plans 52,000 job cuts

By John Hill on November 17, 2008 2:57 PM |

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Citigroup plans to reduce its workforce by 52,000 as it prepares to weather choppy financial waters.

The New York City bank told investors on Monday that it aims to trim its worldwide headcount to 300,000 in the near future. Citigroup has already cut 23,000 jobs since the start of the year.

Staffing levels at Citigroup - whose European headquarters is based in Canada Square - peaked at around 375,000 at the end of 2007, but it has been forced into significant debt write-offs following heavy investment in the now-stricken US sub-prime housing market.

CEO Vikram Pandit has overseen substantial belt-tightening since his appointment last December, and the company now aims to lop nearly 20 per cent from its 352,000 workforce. Staff were due to be told of the plan during an employee town hall meeting on Monday.

The investors presentation itself - which appeared on the company's website this week - does not offer specifics about which departments and international offices will be hardest hit by the cuts, but insider speculation pointed to possible losses in the wealth management and investment banking divisions.