Citigroup to cut more than 50,000 jobs

Posted: Updated:

Workers at a Citibank branch in Hastings are worried about their jobs Monday after Citigroup announced it is cutting more than 50,000 jobs.

The cutbacks were announced at a town hall meeting for workers. In the presentation, employees were told the corporate headcount will be reduced by 20 percent. There is no word yet if bank branches, like the one in Hastings, will be affected.

The latest cutbacks are in addition to the 22,000 layoffs announced in October. Some local bank customers say they are saddened by the Citigroup cutbacks.

The cutbacks come after the company?s fourth straight quarterly loss.

Citigroup Report

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