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Nation's Largest Bank to Cut Jobs
Due to credit-related loses, Citigroup Inc., the nation's largest bank, may have to cut jobs to lower costs.
"[O]ur business heads are planning ways in which we can be more efficient and cost-effective to position our business in line with economic realities," said Citigroup spokeswoman Shannon Bell.
Before Citigroup's credit losses, the company had cut 17,000 jobs from its 320,000-employee workforce. However, now that a credit crisis has arisen, and CNBC has reported that "massive layoffs" could be coming, how many jobs will Citigroup actually cut?
"Any reports on specific numbers are not factual," Bell said of the report regarding "massive" layoffs.
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"[O]ur business heads are planning ways in which we can be more efficient and cost-effective to position our business in line with economic realities," said Citigroup spokeswoman Shannon Bell.
Before Citigroup's credit losses, the company had cut 17,000 jobs from its 320,000-employee workforce. However, now that a credit crisis has arisen, and CNBC has reported that "massive layoffs" could be coming, how many jobs will Citigroup actually cut?
"Any reports on specific numbers are not factual," Bell said of the report regarding "massive" layoffs.
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