Nov

26

Citigroup Planning ‘Massive’ Layoffs

Filed Under Mortgage Layoffs, Mortgage News, Writedowns 
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Citigroup Planning ‘Massive’ Layoffs

Citigroup shares fell Monday after CNBC TV reported the firm could lay off up to 45,000 staffers.

The expected layoffs are the result of several billion dollars of mortgage losses at Citigroup. The shares fell 1.4%, or 45 cents, to $31.25. CNBC Television reported on Monday morning that the bank is planning a large number of layoffs as part of a response to recent huge writedowns for bad mortgage investments.

CNBC described the layoffs as “massive,” and said they would not be restricted to the fixed income and mortgage divisions.

In April, Citibank set layoffs of 17,000 people, or about 5% of its more than 300,000 employees.

The CNBC report said division heads at Citi had been told to start planning for layoffs, and said the cuts could be as high as 45,000.

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