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Citigroup’s $5.1B loss may affect LIC jobs

Citigroup reported a $5.1 billion net loss for this year's first quarter Friday and estimated it would cut 9,000 jobs from its payroll, but a spokeswoman said it was not clear whether the financial services giant's losses would affect its Long Island City-based work force.

The company currently has more than 25,000 employees citywide and is the largest private sector employer in the borough, Citi officials said. Citigroup opened its first tower in Long Island City at Court Square One in Long Island City in 1989 and completed its second tower at Court Square Two in 2007.

The company reported it lost $5.1 billion, or $1.02 per share, during the first quarter of 2008 and took more than $15 billion in write-downs, many of which were the result of the current subprime mortgage crisis.

The company will cut an estimated 9,000 jobs from its worldwide payroll, the spokeswoman said. She could not, however, estimate how many jobs in the borough would be cut.

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