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Citigroup Plans Job Cuts (Update)
Updated from 6:20 a.m. EST
DUBAI, United Arab Emirates (AP) --Citigroup's(C Quote) chairman is hinting the banking giant will announce more job cuts Monday, and isn't ruling out the possibility executives will follow peers at Goldman Sachs(GS Quote) and forgo bonuses.
A person briefed on Citigroup's plans says the banking giant is cutting another 53,000 jobs in the coming quarters. The person requested anonymity because the plans haven't been made public yet.
The 53,000 job cuts are in addition to the 22,000 already being eliminated from the company's 375,000-member work force as of the end of 2007. The latest cuts bring the total job reductions to 20%. ...
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