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Deeper Cuts at Citigroup

Citigroup plans to cut more than 50,000 jobs - in addition to those previously announced. Chief Executive Vikram Pandit discussed the cuts at a meeting with employees Monday.

In a presentation prepared for the meeting, Citi says it plans to cut headcount 20 percent in the near term from a peak of 375,000, and plans to cut expenses 20 percent from peak levels as well. The presentation says the company's "underlying business remains strong, and revenues have been stable."

After the meeting, The Wall Street Journal said that about half of the planned job cuts stem from previously announced sales of business units, while the remainder, or about 25,000 slots, would involve layoffs. Pandit did not disclose which business segments would suffer the most layoffs, the Journal said.

Citigroup's headcount has declined by about 23,000 jobs in the past year, and employed 352,000 at the end of September.

Separately, in London the Telegraph reports JPMorgan is reviewing its operations around the world and will eliminate thousands of jobs at some point. The newspaper said analysts estimate the bank could cut 3,000 jobs, or 10 percent of its global workforce.

The Journal reported that Win Bischoff, Citigroup's chairman, said it would be irresponsible not to look at staffing in the face of a potentially long economic downturn. Bischoff said he expects industry-wide job losses to fall "particularly heavily on London and New York." He didn't rule out the idea the firm's top executives would go without bonuses this year.

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