Citigroup has plans to have thousands of more job cuts in its second round of large-scale layoffs this year. This plan comes in the wake of the ailing bank seeking to boost profitability in the face of billions of dollars of investment losses.

Citigroup has plans to have thousands of more job cuts in its second round of large-scale layoffs this year. This plan comes in the wake of the ailing bank seeking to boost profitability in the face of billions of dollars of investment losses.

The world's largest bank has recently confirmed that it would be making further job cuts, but it would not be providing the figure prior to the appointment of a new chief executive. Citigroup is on the lookout for a new chief executive since Charles Prince this month following the huge downfalls in the sub-prime mortgage related investment values. The bank is also getting ready to witness $4 billion of sub-prime-related losses further in the first quarter of next year.

Any new redundancy plan would require the approval of the new chief executive to be appointed, but the bank is already in the process of having a rough plan and is determined to make widespread job cuts that would include thousands of redundancies.

According to the CNBC report, Citigroup is considering job cuts of a maximum of 45,000 positions in the second round. This will be in addition to the 17,000 positions (or approximately 5% of the workforce) that has faced elimination since April.

However, Citigroup has made it clear that they are engaged in a planning process and are waiting for their new chief executive and business heads. They are hopeful of being more cost-effective and efficient in the current economic climate. The bank also clarifies that the reports on specific numbers are not factual.