Citigroup to shed another 53,000 jobs

The New York-based bank has already reduced its assets by about 20 percent since the first quarter of the year.

Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt. The New York-based bank, which has already reduced its assets by about 20 percent since the first quarter of the year, also plans to trim expenses by 19% in 2009 from third-quarter levels, to $50 billion. The company said it is shrinking its work force by 20% from its 2007 peak of 375,000. The company had already announced in October that it was eliminating about 22,000 jobs from that level.