US bank Citigroup has announced plans for up to 75,000 job cuts, up from a previously announced total of 23,000.
US bank Citigroup has announced plans for up to 75,000 job cuts, up from a previously announced total of 23,000.
Citigroup said in a statement that the cuts represented a reduction of about 20% of its staff, leaving the bank with 300,000 jobs worldwide.
Citigroup said in a statement the cuts represented a reduction of about 20% of its staff, leaving it with 300,000 jobs worldwide "in the near term".
The cuts will come from redundancies, the sale of units and natural wastage, the bank said.
The cuts will come from redundancies, the sale of units and natural wastage, the bank said.
Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.
Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.
Turnaround plan
"Underlying business remains strong and revenues have been stable," the bank said.
"Underlying business remains strong and revenues have been stable," the bank said.
Citigroup also said its capital position was "very strong".
Citigroup also said its capital position was "very strong".
The bank expects its expenses to be down 20% from peak levels after the job cuts have taken effect.
The bank expects its expenses to be down 20% from peak levels, to about $50bn in 2009, after the job cuts have taken effect.
Citigroup's chief executive Vikram Pandit has come under pressure from critics who have doubted his ability to turn around the company and weather the financial crisis.
Some analysts believe the bank will not make a profit again until 2010.
Last week, shares in Citigroup dropped below the $10 mark. They are down almost 70% this year.
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