Huffpost Chicago

Citigroup Cuts' Chicago Impact Still Unclear

Posted: Updated:

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 Citigroup spokesman said a regional breakdown was not available and therefore could not determine how many of the roughly 2,500 jobs in the Chicago area would be affected.

He said the sale of certain business units would account for roughly half of the 53,000 job cuts, with attrition and forced reductions claiming the remaining half.

Read the entire story here.