Update: Citi has confirmed the job cuts in a presentation (.pdf) post online. The presentation is actually a defence of the Citi business model, though it outlines the steps it has taken to shed legacy assets and bolster deposits.
Original Post: Citi’s (C) town hall is at the top of the hour, and we’ll be covering live, but CNBC’s Charlie Gasparino is now reporting that total job cuts will total 50,000, up from the 40,000 he reported this weekend. Some of the cuts will be through attrition (so good luck applying for a job), but in total it will take the work force down from 350,000 to 300,000. In addition, the company plans to cut 20% of its operating expenses, though not clear if that’s inclusive or excluding the money saved on the job cuts.
Also, expect to hear some comments about raising money, as well as their “strong” capital position.
We’ll know more soon.
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