Citigroup has said it will cut up to 50,000 jobs worldwide as the US banking giant struggles with the global financial crisis and four consecutive quarters of heavy losses.
The company said the new job reductions would shrink its global workforce to 300,000 employees.
Citigroup, whose shares have been battered amid the credit crisis, said it would reduce its expenses by 20%.
The bank said it would make further job cuts to cope with the financial crisis.
Citigroup shares fell some 24% last week and have dropped 70% since the start of the year.
Citigroup has already announced plans for 22,000 staff reductions and has eliminated at least 13,000 so far this year, according to company figures.
Last month, Citi reported a third-quarter loss of $2.8bn, its fourth straight quarter in the red.
The troubled bank is saddled with billions of dollars in losses tied to mortgage investments that lost value in the collapse of the US real estate market and the credit squeeze that erupted last year.
