It's even worse than expected, but then again, this company has been and remains a mess. Never mind though, because Charles Prince is still sitting on hundreds of millions or dollars made from selling trash. Heaven forbid he's asked to pay back anything because that would be against his work contract. The lesson learned here is that you can drive a company into the ground and profit from garbage, force taxpayers to bailout your company and never be held accountable at all. Ever. Great work, when you can get it.
Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
The plans, posted on the company's Web site, are being discussed by CEO Vikram Pandit at the company's town hall meeting in New York Monday with employees.
The company said total headcount is being reduced by 20 percent from its peak of 375,000 at the end of 2007; the company had already announced in October that it was eliminating about 22,000 jobs from those levels.
The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter.
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