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NEW YORK (AP) — Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt. The New York-based bank, which has already reduced its assets by about 20 percent since the first quarter of the year, also plans to trim expenses by 19 percent in 2009 from third-quarter levels, to $50 billion.
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.
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