Thousands of jobs could go at Citigroup (NYSE:C) as part of the bank's cost-cutting programme aimed at rebalancing its books after having to write down 16.9 bln usd worth of subprime assets, the Telegraph says without citing sources.
The cuts could eclipse those made by the bank in April, when then CEO Charles Prince said that he would slash 17,000 jobs.
The bank did not confirm job cuts, but did say it was looking at ways of saving cash.
'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. Any reports on specific numbers are not factual,' the paper was told.
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