Citi to cut 50,000 jobs, trim expenses by 20%

Financial services major Citigroup is planning to slash as many as 50,000 jobs in the next five to six months and also intends to reduce costs by 20 per cent, says a media report.
Quoting people close to the company, television channel CNBC on Monday said the number of jobs cuts may rise as high as 50,000 in order to bring the company's workforce to about 300,000 worldwide.
"These people say these cuts will occur in a relatively shorter period of time, such as over the next five or six months," CNBC said in a report published on its website. Further, the report noted that Citi would cut expenses by as much as 20 per cent.