US business television channel CNBC reports that people inside Citigroup, America’s largest financial services firm, say the firm hasn’t set a target number of cuts from its roughly 320,000 employees. But people with knowledge of the matter have described the pending job reductions as “massive” and “large.” In April, Citigroup cut nearly 5% of its workforce, or 17,000 employees, a move by former Chief Executive Chuck Prince to reduce costs at the financial-services conglomerate.
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.
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