New York: Citigroup, America's second biggest banking group by market worth, is planning "large" job cuts just seven months after it announced a mass layoff of 17,000 employees, a media report has said.

The CNBC business television channel said Citigroup, which has seen its finances stretched by multibillion dollar writeoffs largely tied to mortgage investments, was preparing a second round of big layoffs.

Citing people with knowledge of the matter, CNBC yesterday said, the total number of employees affected could be as high as 45,000. Citigroup currently employs 275,000 staff, according to its website.

A Citigroup spokesman said the bank was assessing ways to cut costs.

"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. Any reports on specific numbers are not factual," the Citigroup spokesman told AFP.

The banking giant is reeling from its exposure to the US housing slump and a related credit squeeze.

The banking behemoth is also searching for a new chief executive officer after former CEO Charles Prince stepped down on November 5 as Citigroup revealed it was facing likely investment writeoffs of between eight and $11 billion.

Analysts at Goldman Sachs believe the company could be forced to absorb eventual writeoffs of up to $15 billion in the coming quarters as the housing and credit markets show no sign of improving anytime soon.
Source : PTI