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Citi To Cut 53,000 Jobs

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By MADLEN READ

The Associated Press

Published: November 18, 2008

NEW YORK - Citigroup is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.

The New York-based bank, which has already reduced its assets by about 20 percent since the first quarter of the year, also plans to trim expenses by 19 percent in 2009 from third-quarter levels, to $50 billion.

The plans, posted on the company's Web site, were discussed by CEO Vikram Pandit at a town hall meeting with employees Monday.

The company said it is shrinking its work force by 20 percent from its 2007 peak of 375,000. The company had already announced in October that it was eliminating about 22,000 jobs from that level.
Citigroup had an estimated 3,000 employees in Hillsborough County as of July 2007, according to research from the Greater Tampa Chamber of Commerce's Committee of One Hundred. Many are located in the company's corporate campus in the Sabal Park business complex off Falkenburg Road near Brandon.

A spokeswoman for Citigroup wouldn't reveal whether the company's Tampa-area employees are targeted for job cuts, saying only the cuts would be across all of the company's geographic areas.

About half of the expected reductions will come from sales of business units. The other half of the work force reductions will come from layoffs and attrition, the spokesman said.

Tribune reporter Michael Sasso contributed to this story.

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