Skip navigation
Watchlist Sponsored By :

Current DateTime: 11:46:05 10 Oct 2008
LinksList Documentid: 24355697

Current DateTime: 11:46:05 10 Oct 2008
LinksList Documentid: 24890560
  • Risk & You

      It's a risky world out there. Whether it's investment or retirement, career or home you can take steps to lower your risk profile.

  • Wall Street In Crisis

      With shock after shock to the world's financial system, the credit crunch continues to drive a major reconfiguration of the Wall Street landscape.

  • Protecting Your Portfolio

      Credit Crunch. Recession. Bear Market. There's a triple threat out there for investors. Here's a guide to managing your money.

Citigroup Seen Cutting Work Force by 5%-10%
By Charles Gasparino, On-Air Editor | 07 Jan 2008 | 08:26 AM ET
Text Size

Citigroup's new Chief Executive Vikrum Pandit continues to work on a restructuring program, the details of which will likely be announced next week, according to people familar with the plan.

Citi [C  Loading...      ()   ] is mulling a work force reduction of between 5 percent and 10 percent of its work force of 327,000, these people say.

The formation of the restructuring plan appears to be taking longer than expected due to the extent of the problems at Citigroup.

Citigroup is one of the biggest victims of the credit crunch caused by the subprime-mortgage crisis.

Separately, Merrill Lynch [MER  Loading...      ()   ] began handing out bonuses last week, which are sharply lower than they were last year.

Some people have said the bonuses may be between 60 percent and 80 percent lower than they were last year in certain divisions.

© 2008 CNBC.com

HOME  |  NEWS  |  MARKETS  |  EARNINGS  |  INVESTING  |  VIDEO  |  CNBC TV  |  CNBC PLUS  |  CNBC MOBILE  |  CNBC HD+
About CNBC   |   Site Map   |   Privacy Policy   |   Terms of Service   |   Advertise   |   Help   |   Feedback   |   Video Reprints
  Data is a real-time snapshot   *Data is delayed at least 15 minutes

Global Business and Financial News, Stock Quotes, and Market Data and Analysis