Citigroup will reduced workforce by 17,000 to 24,000 employees, and it will take writedown of up to $24 billion, CNBC says.
About Citigroup
Citigroup is one of the world’s leading financial services companies, with operations in more than 160 countries, and more than 200 million customer accounts. Founded in 1812 in New York, Citigroup has grown to become a major monetary force across the globe.
By offering private banking services for individuals, as well as a range of investment products for corporations and investors, Citigroup caters to clients from all walks of life who rely on its wise portfolio management options.
It also offers loans and mortgages for those who want to purchase homes and other big-ticket items. The company experienced significant success throughout the 20th century and continues to be a powerful presence in the 21st century global financial markets.
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2 Comments
REBUSiness
January 25, 2008Indeed, workforce cutdown seems inevitable and the only significant source of cost reduction but except of the financial impact what about the work load left behind? Because I can't think of 17,000 employees' workload going on the shoulders of employees who stay back. Thank you
The What Girl
January 26, 2008Believe me my friend.... if they did have a job to do, then they would definitely keep on doing it! :)