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Citigroup cuts nearly 30,000 jobs in second quarter

Last Updated: Saturday, July 18, 2009 - 00:47

Citigroup cuts nearly 30,000 jobs

New York: Citigroup has slashed nearly 30,000 jobs in the second quarter of this year as the banking major resorted to cost cutting measures to tackle the financial turmoil.

The banking behemoth has swung into a profit of USD 4.28 billion in the second quarter on the back of a gain of USD 6.7 billion from the stake sale of Smith Barney brokerage.

According to the company, in the second quarter, the number of employees stood at around 2,79,000.

"Head count declined by approximately 30,000 from the first quarter of 2009, to 2,79,000, mainly driven by Smith Barney transaction," Citigroup said while announcing the second quarter results today.

"Head count is now approximately 96,000 below peak levels. June was the 20th consecutive month of head count decline," the statement said.

In the second quarter of last year, the company had a loss of $2.49 billion, it said in a statement.

Revenues for the second quarter surged 71 per cent to $30 billion as compared to the same period a year ago. In the comparable period, revenues stood at $17.5 billion.

Citigroup has already received three lifelines from the US Federal government including fresh capital injection to the tune of $45 billion to tide over the financial turmoil.

Bureau Report

First Published: Saturday, July 18, 2009 - 00:47
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