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Originally published Monday, November 17, 2008 at 2:00 PM

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Summary Box: Citi slashing its work force again

JOB LOSSES: Citigroup Inc. says it is reducing its work force by another 53,000, after cutting about 22,000 this year. The 75,000 employees lost in total - some through business sales, others through layoffs - will bring the company's total work force to 300,000, down 20 percent from last year's peak.

By The Associated Press

JOB LOSSES: Citigroup Inc. says it is reducing its work force by another 53,000, after cutting about 22,000 this year. The 75,000 employees lost in total - some through business sales, others through layoffs - will bring the company's total work force to 300,000, down 20 percent from last year's peak.

COST CUTS: The New York-based bank is also planning to cut expenses by 20 percent by 2009 from current levels, to get leaner in these tough times for the financial services industry.

WHAT'S NEXT: Investors are waiting to see whether the bank, after four straight quarters of losses, can return to profitability. More big losses from deteriorating debt could mean more job cuts.

Copyright © 2008 The Seattle Times Company

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