Citigroup Will Cut 50,000 Jobs

Citigroup (C: 9.48 -0.42%) announced today that it is planning to slash its workforce by more than 50,000 jobs in an effort to cut costs and ride out the credit crisis on Wall Street

In an announcement and investor presentation (link to presentation below) on its Web site, Citi said that it was planning to reduce staff levels to roughly 300,000 employees. Citi currently has about 352,000 workers.

It was not yet clear what parts of the banking giant would sustain the most cuts, but there have been rumors that pink slips will be handed out in the investment banking and wealth management departments.

Citigroup’s CEO Vikram Pandit is expected to hold a “town hall meeting” for employees later today to address the job cuts.

This effort is another example of how Citigroup is attempting to cut costs in the wake of the credit crisis. Over the past year, the bank has already slashed its payroll by over 23,000 workers.