big 1st Q losses for Citi

according to FT April 17th issue

Citi’s $5.1bn loss highlights depth of crisis

Citigroup underlined the plight of financial firms squeezed by the credit crunch and the slowing US economy by announcing a $5.1bn quarterly loss, nearly $16bn in writedowns and 9,000 job cuts

Citigroup’s Pandit vows major cost cuts
By Francesco Guerrera and Ben White in New York

Vikram Pandit, Citigroup’s chief executive, has vowed to slash the beleaguered financial group’s cost base by up to 20 per cent, deepening fears that Wall Street and the City of London are about to be hit by tens of thousands of additional job losses.
Mr Pandit, who took over Citi in December, indicated cuts in operating exenses would not only come from reductions in the 370,000-strong workforce, but also from improvements in computer systems and a greater focus on core businesses.

However, his cost-reduction targets suggest Citi, which is likely to report a large first-quarter loss on Friday, could cut more jobs than expected. Analysts predict the company will shed around 25,000 jobs in the next few months after two years of rapid expense growth, which left it with $61.5bn in operating expenses in 2007.
”It is clearly feasible for us to take 10, 15, 20 per cent off our cost base, especially in information technology and operations,” Mr Pandit said.