Citigroup to Layoff 30,000 Employees
Citigroup’s job cuts could reach 30,000 or more over the next year and a half because of increasing writedowns from subprime-related debt, CNBC has learned.
The layoffs would exceed the previously reported 24,000 job cuts that had been expected at the banking giant.
Chief Executive Vikram S. Pandit is currently conducting a massive cost review and could cut as much as 10 percent of the bank’s workforce of 370,000, according to people familiar with the situation.
In the past, Citigroup would lay off people and then hire them back as consultants. But with more bad-debt writedowns looming, Pandit wants to make the cuts permanent, sources say.
The layoffs would exceed the previously reported 24,000 job cuts that had been expected at the banking giant.
Chief Executive Vikram S. Pandit is currently conducting a massive cost review and could cut as much as 10 percent of the bank’s workforce of 370,000, according to people familiar with the situation.
In the past, Citigroup would lay off people and then hire them back as consultants. But with more bad-debt writedowns looming, Pandit wants to make the cuts permanent, sources say.
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