Citi Dips on Layoff Report

Shares of banking giant Citigroup(C - Cramer's Take - Stockpickr) were sliding 3.4% after a report that it was preparing for "massive" layoffs in the wake of big credit-related writedowns.

CNBC, citing people with knowledge of the matter, reported Monday morning that the bank could cut as many as 45,000 jobs, but hadn't yet set a firm number.

Citi said any reports about specific numbers "were not factual," according to the Associated Press. A bank spokeswoman did say, however, that it was contemplating ways to be "more efficient and cost-effective" as it searches for a new CEO, the AP reported.

Charles Price resigned from Citi's top post earlier this month, after the bank was hit with greater-than-expected writedowns of asset-backed securities. Citi said it would take as much as $11 billion in writedowns to the value of its mortgage-backed securities and collateralized debt obligations.

Former Treasury Secretary Robert Rubin has assumed the bank's interim chairman role and Sir Win Bischoff, chairman of Citi Europe, is serving as interim CEO.

Citi cut 17,000 jobs in April.

Shares were losing $1.07 to $30.63.