NEW YORK Citigroup Inc., bracing for big credit-related losses in the fourth quarter, is looking to lower costs which could mean another round of job cuts at the nation's largest bank.
"We are engaged in a planning process in anticipation of our new CEO, and our business heads are planning ways in which we can be more efficient and cost-effective to position our businesses in line with economic realities," Citi spokeswoman Shannon Bell said Monday.
She was responding to a report on CNBC that "massive" layoffs were planned.
"Any reports on specific numbers are not factual," she said.
Citigroup, which has about 320,000 employees, earlier this year reduced its workforce by 17,000 before the credit crisis.
In the third quarter, Citi's subprime mortgages and its exposure to financial instruments tied to those mortgages led to a loss of about $6.5 billion.
Prince was replaced as chairman by former Treasury Secretary Robert E. Rubin and as interim CEO by Sir Win Bischoff, chairman of Citi Europe who has said he doesn't want the job permanently.