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Citigroup Inc. (NYSE: C), which has already ousted its CEO because of the subprime tsunami, now reportedly is planning to slash as many as 45,000 jobs, according to CNBC's Charles Gasparino.

"In some cases, the layoffs have already begun, with managers being told by their supervisors that they have to eliminate whole departments," he wrote on CNBC's Web site.

Usually, investors cheer this sort of thing but these aren't usual times. Shares of the beleaguered bank, down 46% for the year, were down $1.59, or 5%, to $30.12 in early afternoon trading, indicating that investors probably expected big job cuts to come.

These layoffs are on top of the 17,000 announced in April.

There's no doubt that this holiday season won't be very merry for people who work for the big financial services firms. Former CEO Chuck Prince, though, won't have any worries thanks to the $68 million golden parachute he received for destroying $64 billion in market value.

Citigroup plans `massive' layoffs, will others follow? originally appeared on BloggingStocks on Mon, 26 Nov 2007 14:50:00 EST. Please see our terms for use of feeds.

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