Business
Citigroup may cut 24,000 jobs
New York | May 10, 2008 12:01:13 AM IST
New York City's Citigroup was hit with billions in first quarter write-downs and could lay off 24,000 workers this year, sources close to the company said. The company plans to unveil its plans on Tuesday, CNBC reported. Citigroup was forced to write-down $24 billion due to erosion of the subprime mortgage market and other credit losses, the report said. Sources also said the company planed to cut first quarter dividend payments by as much as 50 percent. Estimates on job losses range from 17,000 up to 24,000, although a company spokesman would not comment on Friday, CNBC reported. (UPI)
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