Citigroup will announce its plans to cut payrolls by 17,000 to 24,000 people when it reports earnings on Tuesday, CNBC television reported on Monday.
The layoffs could take place over a year, said CNBC. The bank could report write-downs of up to 24 billion U.S. dollars.
Citigroup, the largest U.S. bank by assets, is looking for more funds to help it through losses from the subprime crisis after securing 7.5 billion dollars from the Abu Dhabi Investment Authority in November.
Source: Xinhua
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