Citigroup has announced that it will reduce staffing by another 50,000 to arond 300,000 employees. At the peak, at the end of the fourth quarter in 2007, Citigroup employed approximately 375,000 staff. It has already reduced staff by 23,000 this year.

The announcement was made at a "town hall" meeting. No information was given on the presentation slides as to where the reductions would be made. The presentation stated that they would be achieved in the near term. The presentation also highlighted that expenses would be reduced by 20%.

Click here to see the Cititabank presentation

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