Citigroup Inc. is shedding approximately 52,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.

Citigroup CEO Vikram Pandit discussed the cuts in a company town hall meeting with employees in New York on Nov. 17. AP PHOTO

The New York-based bank, which has already reduced its assets by about 20 percent since the first quarter of the year, also plans to trim expenses by 19 percent in 2009 from third-quarter levels, to $50 billion.

The plans were discussed by CEO Vikram Pandit at the company's town hall meeting with employees in New York? on Nov. 17.

The company said it is shrinking its work force by 20 percent from its 2007 peak of 375,000. The firm announced in October it was eliminating about 22,000 jobs from that 2007 level.

About half of the expected work force reductions will come from business sales; Citigroup already announced that it was selling Citi Global Services and its German retail banking business, accounting for about 18,000 jobs. Citi is planning to sell other businesses, too, but has not announced them yet, a spokesman said.

The other half of the work force reductions will come from layoffs and attrition, the spokesman said.

Citigroup has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter.

In an effort to instill confidence in the company, Citigroup emphasized in its presentation Nov. 17 that its Tier 1 capital ratio, a measure of financial strength, is 10.4 percent after a $25 billion investment from the government. That ratio is higher than peers Bank of America Corp. and Wells Fargo & Co.