In its ongoing struggle to steady itself after suffering massive losses from deteriorating debt, the New York-based banking giant, Citigroup Inc., announced Monday that it would cut another 24,000 jobs, bringing its total reductions to 52,000 in the coming months.

CEO Vikram Pandit discussed the plans - posted on the company’s web site – with the employees at the company’s town hall meeting in New York. The move comes after the company posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter.

Out of the announced work force reductions, nearly half will come from layoffs and attrition; and the other half from business sales - with the bank having already announced that it was selling Citi Global Services and its German retail banking business, accounting for about 18,000 jobs. According to a spokesman, Citi is planning to sell other businesses too, but they have not been announced as yet.

In the meeting, it was also said that Citigroup was seeking to shore up its capital base and cut risky investments. Moreover, the bank plans to trim expenses by 16 percent to 19 percent, to about $50 billion in 2009.

Citigroup - which will receive $25 billion as part of the US government bailout of the banking system - was the most valuable financial company in America at one time. Presently, it is withering along with its share price, which last week sank into single digits for the first time in more than a decade.

As Vikram Pandit completes his first year as chief executive, many analysts say Citigroup has lost its way. Insiders say at such a critical juncture in its history as this, the company is wracked by office politics!