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Citigroup: People
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In the meantime, senior officials inside Citigroup are telling people that the firm is preparing for large layoffs. In some cases, the layoffs have already begun, with managers being told by their supervisors that they have to eliminate whole departments.
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People inside Citigroup say the firm hasn't set a target number of cuts from its roughly 320,000 employees. But people with knowledge of the matter have described the pending job reductions as "massive" and "large."
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Pandit aims to complete his cost review by April and may announce then whether to sell or spin off businesses within Citigroup, which spans 100 countries, according to two people familiar with the situation. Some analysts, including Deutsche Bank AG's Mike Mayo, have called for a breakup, saying the company is too unwieldy to manage.
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Earlier in the year, CNBC reported that Citigroup was considering cutting as many as 45,000 jobs before the firm came back with cuts of 17,000. It's worth noting that that Citi's share price barely moved after it announced the 17,000 job cuts, leading many people inside Citi to speculate that the number of cuts now could be much larger in order to boost the firm's floundering stock price.
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