CitiGroup Laying Off 53,000 More Employees

CitiGroup Inc. is reporting they will layoff an additional 53,000 employees after suffering massive losses and eroding debt.

CtitGroup will be laying off 53,000 employees over the next few quarters. The reasons given were due to falling stock prices and increasing debt. This is addition to the 22,000 employees that CitiGroup announced they would be letting go in October. The company' has posted four straight quarterly losses and is also looking at streamlining operations by reducing its expenses by 20%. Citi's shares have fallen 4.4%, or $.42, down to $9.10. Citigroup Chairman Win Bischoff said,

"What all of us have done — and perhaps injudiciously — we've added a lot of people over ... this very benign period," Bischoff said.

"If there is a reversion to the mean ... those job losses will obviously fall particularly heavily on the financial sector," he added. "Certainly they will fall particularly heavily on London and New York."

The situation is seemingly worsening to the point that company executives might even be considering an elimination of bonuses.

In his comments to the Associated Press, Bischoff did not rule out the likelihood that Citi's leaders would go without bonuses this year — a move that would effectively amount to a substantial pay cut for the company's executives.

With unemployment climbing over 7% layoffs from big companies such as CitiGroup are going to continue. The next question is when is it going to level out and stop?