Citigroup cuts nearly 30,000 jobs in second quarter

CitigroupCitigroup Inc, a major American financial services company based in New York, has cut down almost 30,000 jobs in the quarter ended June 30, as the banking major recurred to cost cutting steps to tackle the financial turmoil.

The banking giant has recorded a profit of $4.28 billion in the second quarter, on the support of a gain of $6.7 billion through the sales of stake in its Smith Barney brokerage unit.

According to the company, the total number of employees working was around 2,79,000 in the second quarter.

The company had a loss of around $2.49 billion in the quarter ended June 30 of the last year.

Income for the latest quarter surged 71% to $30 billion as compared to $17.5 billion in the same time period last fiscal.

The company has already got 3 lifelines from the US Federal government including fresh capital injection to the tune of $45 billion to surge throughout the financial turmoil.

Tagged with