Citigroup expected to cut 53,000 more jobs - WKOW 27: Madison, WI Breaking News, Weather and Sports

Citigroup expected to cut 53,000 more jobs


NEW YORK (AP) -- A person briefed on Citigroup's plans says the banking giant is cutting another 53,000 jobs in the coming quarters.

  CEO Vikram Pandit is revealing the plan at the company's town hall meeting Monday with employees.

  The person requested anonymity because the plans haven't been made public yet.

  The 53,000 job cuts are in addition to the 22,000 already being eliminated from Citigroup Inc.'s 375,000-member work force as of the end of 2007.

  The latest cuts bring the total job reductions to 20 percent.

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