Largest American banking group, Citi has planned to cut more 52,000 jobs in coming few months which is 14% of its global work force. Citi group has lost more than $20 billion due to global financial crises and it has been bearing huge losses for last four quarters continuously therefore, Chairman Sir Win Bischoff & CEO Vikram Pandit of Citi group have decided to reduce these numbers.

Citi group has approximately 12,000 offices worldwide and 23,000 employees have already been dismissed in last nine months. Analysts expect that Citi group will not be able to generate profit till 2010. In the beginning of September, Moody’s had predicted that 45,000 to 65,000 financial workers in New York would lose their jobs by the middle of 2010.

Citi group has been doing its business in financial sector in New York and it was formed through world’s largest merger of Citicorp and large financial Travelers group in 1998.