Citigroup is planning major job cuts over the next couple of months, reports CNBC.com. People familiar with the matter said that the total number could be as high as 45,000 but the firm responded with a statement, saying, “Any reports on specific numbers are not factual.” Citigroup fired almost 5% of its workforce in April, when it laid off 17,000 employees. Citigroup has since seen Charles Prince, chief executive, depart. The company also warned that it may face losses of up to $11 billion on deals tied to the subprime mortgage market with further exposure to the market in the tens of billions of dollars.
Citigroup Planning Major Job Cuts