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Monday, November 26, 2007

Citigroup says planning process focused on reducing costs

November 26 2007
Financial-services giant could lay off up to 45,000 employees. Citigroup Inc. said Monday that it's in a planning process to become more efficient and cost effective as the financial-services giant grapples with billions of dollars in losses from the subprime mortgage-fueled credit crisis. Citi may cut up to 45,000 jobs. The bank is planning a larger number of layoffs as part of a response to recent huge write-offs for bad mortgage investments. Division heads at Citi have been told to start planning for layoffs, which will not be restricted to fixed-income and mortgage divisions. Citi could take up to $15 billion in write-downs from collateralized debt obligations over the next two quarters, Goldman Sachs analysts estimated last week.

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