Citigroup Inc., bracing for big credit-related losses in the fourth quarter, is looking to cut costs with another round of job cuts, according to CNBC.CNBC reported Monday that "massive" layoffs were planned. Though exact numbers had not yet been set, the total job cut could be as many as 45,000, CNBC reported. Citigroup currently has about 320,000 employees.
"We are engaged in a planning process in anticipation of our new CEO, and our business heads are planning ways in which we can be more efficient and cost-effective to position our businesses in line with economic realities," said Citi spokeswoman Shannon Bell told the Associated Press.
Citi said in April that it would eliminate 17,000 jobs as part of a broad restructuring designed to cut costs, which at the time was about 5 percent of its work force.
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