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Citigroup shares hits 5-year low on report of 'massive' layoffs
By Greg Morcroft, MarketWatch
Last Update: 4:42 PM ET Nov 26, 2007
NEW YORK (MarketWatch) -- Citigroup shares fell under $30 for the first time in five years at one point on Monday after CNBC reported the firm could lay off up to 45,000 staffers.
Citi shares closed down 3.2% at $30.70 after touching a low of $29.75 earlier on Monday.
The expected layoffs are the result of several billion dollars of mortgage losses at Citigroup.
The bank said Monday that it's in a planning process to become more efficient and cost effective as the financial-services giant grapples with billions of dollars in losses from the subprime mortgage-fueled credit crisis.
The process is designed to position Citi's businesses "in line with economic realities" and comes in anticipation of a new chief executive at the financial-services giant, spokesman Michael Hanretta said in a statement. Hanretta said that any reports on specific numbers "are not factual." See full story.
Cit shares are off roughly 28% in November alone, and down almost 50% so far this year.
CNBC reported early Monday that the bank is planning a large number of layoffs as part of a response to recent huge write-offs for bad mortgage investments.
CNBC described the layoffs as "massive" and said they would not be restricted to the fixed income and mortgage divisions.
In April, Citi set layoffs of 17,000 people, or about 5% of its more than 300,000 employees.
The CNBC report said division heads at Citi had been told to start planning for layoffs, and said the cuts could be as high as 45,000.
