Citigroup Plans New Round Of 'Massive' Job Cuts

Citigroup Plans New Round Of ‘Massive’ Job Cuts

Topics:Banking

Sectors:Financial Services | Banks

Companies:Citigroup Inc

By Charles Gasparino, CNBC On-Air Editor | 26 Nov 2007 | 10:31 AM ET function UpdateTimeStamp(pdt) { var n = document.getElementById(“udtD”); if(pdt != ” && n && window.DateTime) { var dt = new DateTime(); pdt = dt.T2D(pdt); if(dt.GetTZ(pdt)) {n.innerHTML = dt.D2S(pdt,((”.toLowerCase()==’false’)?false:true));} } } UpdateTimeStamp(’633316879077530000′);

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Citigroup, Wall Street’s largest financial services firms, is planning its second round of large-scale layoffs in less than a year, CNBC has learned.

Mary Altaffer / AP

People inside Citigroup say the firm hasn’t set a target number of cuts from its roughly 320,000 employees. But people with knowledge of the matter have described the pending job reductions as “massive” and “large.” The total number could reach as high as 45,000, these people estimate.

In a statement, Citigroup said: “We are engaged in a planning process in anticipation of our new CEO and our business heads are planning ways in which we can be more efficient and cost effective to position our businesses in line with economic realities.  Any reports on specific numbers are not factual.”

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