Citigroup shares hits 5-year low on report of 'massive' layoffs

The expected layoffs are the result of several billion dollars of mortgage losses at Citigroup.

The bank said Monday that it's in a planning process to become more efficient and cost effective as the financial-services giant grapples with billions of dollars in losses from the subprime mortgage-fueled credit crisis.

The process is designed to position Citi's businesses "in line with economic realities" and comes in anticipation of a new chief executive at the financial-services giant, spokesman Michael Hanretta said in a statement. Hanretta said that any reports on specific numbers "are not factual." See full story.

Cit shares are off 28% in November alone, and down almost 50% for the year to date.

CNBC reported early Monday that the bank is planning a large number of layoffs as part of a response to recent huge write-offs for bad mortgage investments.

CNBC described the layoffs as "massive" and said they would not be restricted to the fixed income and mortgage divisions.

In April, Citi set layoffs of 17,000 people, or about 5% of its more than 300,000 employees.