Saturday, November 15, 2008

Citigroup to lay off another 10,000

Citigroup will reportedly undertake another round of massive layoffs and is poised to start raising credit card rates for a number of its customers.

The battered financial services giant will let go some 10,000 workers, with the cuts starting as early as this week, in such areas as the company's investment banking and wealth management divisions, The Wall Street Journal reported Friday.

Citigroup's board sent a memo to all employees Thursday calling the report "irresponsible and completely inaccurate

Citigroup sources said that CEO Vikram Pandit will provide an update on the state of the company to employees at a town hall meeting Monday morning. It remains unclear, however, whether those talks will touch on payroll cuts.

Prakash's Nice Graphic Signature

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