Citigroup may write down up to $24 billion, slash jobs

01/14/2008 | CNBC

CNBC is reporting that Citigroup is planning to lay off an estimated 20,000 employees and write down up to $24 billion stemming from credit- and subprime-related losses. The plan is expected to be explained Tuesday, when Citigroup reports its fourth-quarter earnings. The bank may also seek up to $15 billion from domestic and foreign entities, such as current investor Saudi Arabian Prince Alwaleed bin Talal.

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