NEW YORK - November 17, 2008 -
Citigroup Inc plans to cut 50,000 people from its workforce, CNBC television
said on Monday, as souring economies and global credit conditions cause the
U.S. bank with the farthest reach worldwide to retrench.
The job cuts are on top of the roughly 23,000 jobs Citigroup has already slashed this year, and would leave the second-largest U.S. bank with about 300,000 jobs worldwide.
Cuts are expected to come from layoffs, the sale of units and attrition, CNBC said. The bank was not immediately available for comment.