Citigroup axes 52,000 jobs in 2008

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New York: Vikram Pandit-led Citigroup has slashed 52,000 jobs in 2008 with most of the layoffs coming in the later half of the year, as the company embarked on cost cutting initiatives to cope with the ravaging financial turmoil.

The banking behemoth which would be splitting itself into two separate businesses, has issued pink slips to nearly 29,000 employees since the third quarter of 2008.

As of the third quarter of last year, Citi had a headcount of 3,52,000.

"Headcount reduced by approximately 29,000 since the third quarter 2008 and approximately 52,000 in the full year 2008," Citi said in a statement today.

Bogged down by significant writedowns and increased credit costs, Citi posted a loss of 8.29 billion dollars for the December quarter, the fifth quarter in a row.

In November last year, company had said it plans to cut its global workforce to less than 3,00,000 in the coming months.

"The headcount is expected to be down 20 per cent in the near term from peak levels," the company had then said in a statement.

At the end of the fourth quarter of 2007, the company's head count stood at 3,75,000.

Meanwhile, Citi's chief executive Vikram Pandit said the company would be split into two separate businesses -Citicorp and Citi Holdings.