CITIGROUP PLANS 9,000 MORE JOB CUTS IN 2Q

Citi Plans 9,000 More Job Cuts In 2Q

April 18, 2008: 09:53 AM EST

NEW YORK-(Dow Jones)- Citigroup Inc.(C) plans to cut 9,000 more jobs during the second quarter, according to Gary Crittenden, the bank's chief financial officer.

Crittenden said the new round of layoffs will come on top of the 4,200 job cuts that Citi made in the last quarter, Crittenden said during the New York bank's quarterly conference call to review its first-quarter earnings, which it reported Friday.

"We're focused on expense management," Crittenden said.

One day ago, the Financial Times published an interview with Citi's Chief Executive Vikram Pandit in which he said the bank could cut its expense base by as much as 20%, which suggests that more rounds of job cuts could be in the offing throughout 2008.

Citi announced on Friday that it lost $5.1 billion during the first quarter as a result of nearly $14 billion in asset write-downs that stem from high delinquencies in subprime mortgage and consumer loans.

Citi shares recently were up 6% to $25.47.

-Marshall Eckblad, Dow Jones Newswires; 201-938-4306; marshall.eckblad@ dowjones.com

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  04-18-08 0953ET

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Source: http://money.cnn.com/news/newsfeeds/articles/djf500/200804180953DOWJONESDJONLINE000717_FORTUNE5.htm