Types Of Bankruptcy

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November 26th, 2007

Layoffs possible as Citibank aims to cuts costs

“Any reports on specific numbers are not factual”

Citigroup Inc., bracing for big credit-related losses in the fourth quarter, is looking to lower costs—which could mean another round of job cuts at the nation’s largest bank.

‘We are engaged in a planning process in anticipation of our new CEO, and our business heads are planning ways in which we can be more efficient and cost-effective to position our businesses in line with economic realities,’ Citi spokeswoman Shannon Bell said Monday.

She was responding to a report on CNBC that ‘massive’ layoffs were planned. Read more



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