Citigroup Inc. said Monday it will slash about 53,000 jobs in an effort to reduce costs after suffering massive losses during the past year.

The cuts were announced by CEO Vikram Pandit at a town hall meeting in New York, and the town hall presentation is available on the company's website. Citigroup's plan to reduce headcount to 300,000 represents a 20% workforce reduction since the fourth-quarter 2007 peak of 375,000 employees.

In addition, the New York-based financial services giant says it plans to reduce expenses next year by 16% to 19%.

Citigroup's website didn't break out details about where the job cuts will occur, and the company didn't return calls for comment.