Business and Capital Market Analysis !!!

Global banking giant Citigroup is to axe 52,000 jobs in the next six months as it attempts to reduce its cost base by 20pc in the wake of $20.8bn of losses in the last 12 months as a result of the continuing financial crisis.
-------------------------------------------------------------
By. James Quinn in New York and Jonathan Sibun in London
Last Updated: 11:05PM GMT 17 Nov 2008

The job cuts – the biggest round of job losses by a single company since the credit crisis began in the summer of 2007 – will affect 15pc of the bank's global staff, reducing numbers from 352,000 to 300,000.

The Daily Telegraph understands that up to 1,500 of the job losses will come from Citigroup's operations in the UK, where the bank employs 11,000 people, with the majority coming from its European headquarters in Canary Wharf, London.

Chief executive Vikram Pandit believes the cuts are necessary in order to bring the bank's cost structure in line with its future profitability, with 2009 expenses set to be in the $50bn-$52bn range, down 20pc from their peak levels.


Sources :
Telegraph.co.uk : 52,000 jobs to go at Citigroup