Citigroup to cut another 53,000 jobs

NEW YORK: Citigroup Inc is cutting about 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 website, were being discussed by CEO Vikram Pandit at the company's town hall meeting in New York yesterday 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.