Citigroup Inc. just revealed plans to cut 52,000 jobs—15 percent of its workforce—by early 2009.
This mass layoff is in addition to the 23,000 jobs that were cut between January and September 2008.
Expenses will also be cut by as much as 20 percent.
This drastic move is hoped to revive the bank as it fights off the global economic crisis and mounting debt. The bank lost $20.3 billion in the past year and it’s not expected to make money before 2010.
These cuts are the most made by any U.S. company since the global credit crisis began last year.
Want more? Read Total Bankruptcy’s recent article, Mass Layoffs Cause Unemployment Rate to Spike.
Tags: Citigroup, credit, debt, layoff
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