Citbank which has been hard hit by the credit crisis is looking at axing 32,000 jobs
Accountancy Age, 08 Jan 2008
Citigroup, the world's biggest financial bank, is reportedly planning to axe up to 10% of its workforce in an effort to stem mounting losses.
The bank is expected to make an announcement about the job cuts, which could result in as many as 32,000 people being made redundant, when it unveils its full year figures on January 15, The Times reports.
This decision would represent one of the first emergency measures introduced by Vikram Panditt, the banks’ newly appointed appointed chief executive.
Citigroup is rumoured to write down as much as $US18.7bn (₤9.5bn) in the fourth quarter of the year to cover bad investments the bank made in bonds backed by sub-prime mortgages. The bank is also expected to cut its dividend by 40% to preserve cash as the credit market deteriorates.
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