Citigroup to cut 50,000 jobs: CNBC

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NEW YORK (Reuters) - Citigroup Inc plans to cut 50,000 people from its workforce, CNBC television said on Monday, as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench.

The job cuts are on top of the roughly 23,000 jobs CITIGROUP (C.NY)has already slashed this year, and would leave the second-largest U.S. bank with about 300,000 jobs worldwide.

Cuts are expected to come from layoffs, the sale of units and attrition, CNBC said. The bank was not immediately available for comment.

The cuts are Chief Executive Vikram Pandit's most dramatic move yet to restore profitability and bolster a sagging share price. Last week, the stock fell into the single digits for the first time since Sanford "Sandy" Weill created Citigroup in 1998 from the merger of Travelers Group Inc and Citicorp.

Pandit has faced growing criticism from investors and others for failing to implement a workable turnaround plan for New York-based Citigroup.

The bank has lost more than $20 billion in the last year, hurt by bad bets on complex and risky debt, often tied to mortgages. Some analysts say the bank might not be profitable before 2010.

Pandit is holding a "town hall" meeting for employees on at 8 a.m. EST, at which he plans to discuss the bank's plans, including "the money we spend."

Shares of Citigroup have fallen 68 percent this year, leaving Citigroup with a market value of only $51.9 billion, barely twice the $25 billion of capital it received from the U.S. Treasury Department's new bank bailout plan.

(Reporting by Jonathan Stempel; Editing by Steve Orlofsky)

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