PTI

New York, Nov 18: Vikram Pandit-led financial services giant Citigroup has said that it will cut more than 52,000 jobs in the coming months and reduce expenses by 20 per cent in 2009.

Citi said it intends to reduce the total head count to less than 3,00,000 in the near term as part of the plan. The financial services behemoth had a workforce of 3,52,000 in the third quarter of 2008.

"The head count is expected to be down 20 per cent in the near term from peak levels," the company said today.

Aiming to have less than 3,00,000 people, Citi would have to cut over 52,000 jobs.

The plans to be discussed in the meeting with Citi staff in New York today are posted as a power point presentation on the company's website.

The firm, which has been severely battered by the financial crisis, has incurred huge losses in recent quarters. In the third quarter, Citi had a loss of USD 2.8 billion.

In terms of expenses, the financial services major aims to save USD 50 billion to USD 52 billion in 2009.

"Expenses are expected to be down 20 per cent from peak levels," the firm led by India-born Pandit said.

However, Citi pointed out that underlying business remained strong and that revenues were stable.

At the end of the fourth quarter of 2007, the company's head count stood at 3,75,000.

In the first three quarters of this year, the company has reduced its workforce by about 23,000 persons.

Earlier today, television channel CNBC in a report on its website, quoting people close to the company, reported that job cuts might go up to as high as 50,000.

"These people say these cuts will occur in a relatively shorter period of time, such as over the next five or six months," the report noted.