Citigroup announced it would cut more than 50,000 jobs, or about 14 percent of its workforce, as part of an ongoing effort to cut expenses in the wake of the global economic crisis. The announcement came on November 17, 2008. The company also planned to cut expenses by about 20 percent.Bloomberg.com: Citigroup Chief Pandit to Reduce Headcount by 50,000
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"What all of us have done— and perhaps injudiciously— we've added a lot of people over…this very benign period. If there is a reversion to the mean…those job losses will obviously fall particularly heavily on the financial sector. Certainly they will fall particularly heavily on London and New York."— Citigroup Chairman Win BischoffThe Street: Citigroup to Cut Another 53,000 Jobs (November 17, 2008)
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Fast Facts
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News of the layoffs came in a website presentation on November 17, 2008Citigroup: Town Hall Meeting
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Citigroup said staff levels would be reduced in the "near term"Citigroup: Town Hall Meeting
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Prior to November 17, 2008, Citigroup had cut 23,000 jobs over four quartersCNN Money: Citigroup to cut more than 50,000 jobs (November 17, 2008)
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Company had lost more than $20 billion over previous four quartersCNN Money: Citigroup to cut more than 50,000 jobs (November 17, 2008)
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In November 2008, Citigroup announced it would raise credit card rates for some customersThe New York Times: Despite Pledge, Citigroup to Raise Credit Card Rates...
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