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Citigroup Plans to Cut 30,000 Jobs

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As a result of increasing bad-debt writedowns, Citigroup has announced that it may cut up to 30,000 jobs in the next year and a half. Not only is this 6,000 more jobs than Citigroup had expected to cut, it also equals close to 10% of the company's 370,000 employee workforce.

When the bank has laid off workers in the past, it has generally rehired them later; however, Citigroup's chief executive, Vikram S. Pandit, plans to make these cuts permanent.

According to one manager, "They are asking managers if you have a task that takes six people, implement a plan where it only takes four people to complete."



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