by Calculated Risk on 11/26/2007 02:02:00 PM

From MarketWatch: Citigroup leads slide on report of 'massive' layoffs

Citigroup shares fell Monday after CNBC reported the firm could lay off up to 45,000 staffers ...

CNBC reported early Monday that the bank is planning a large number of layoffs as part of a response to recent huge write-offs for bad mortgage investments.

CNBC described the layoffs as "massive" and said they would not be restricted to the fixed income and mortgage divisions.

In April, Citi set layoffs of 17,000 people, or about 5% of its more than 300,000 employees.

UPDATE: a comment from Citi via the WSJ :

"We are engaged in a planning process in anticipation of our new CEO, and our business heads are planning ways in which we can be more efficient and cost effective to position our businesses in line with economic realities," [Citi] spokeswoman Christina Pretto said in a statement ... "any reports on specific numbers (of layoffs) are not factual."