Monday, November 17, 2008

Citigroup: About 50,000 job cuts in "near-term"

by Bill McBride on 11/17/2008 08:47:00 AM

From MarketWatch: Citi says it plans about 50,000 job cuts in the "near-term"

Citigroup said at the end of the September it employed 352,000 people, and that its near-term headcount target is about 300,000.
This might include selling off some operations, but still ... Ouch!

Citigourp Presentation Click on graph for larger image in new window.

Update: From the Citigroup Presentation this morning.

This shows expenses and headcount. Citi's goal is to reduce headount by about 20% from the peak, and substantially reduce expenses to about $12.5 to $13 billion per quarter.