Citi reviewing ways to be more cost-effective

NEW YORK (Reuters) - Citigroup Inc is reviewing ways to be more cost effective to position its business for current economic realities, spokesman Mike Hanretta said on Monday.

Hanretta said: "Our business heads are planning ways in which we can be more efficient and cost-effective to position our businesses in line with economic realities."

The statement followed a CNBC report that Citi was planning big layoffs. CNBC said that no specific number had been provided, but estimated the cuts could be on the order of 17,000 to 45,000 spots.

"Any reports on specific numbers are not factual," Hanretta said. He declined to elaborate beyond his statement.

Citi said in April that it would eliminate 17,000 jobs as part of a broad restructuring designed to cut costs. As of the end of 2006, Citi had about 327,000 full-time employees.

(Reporting by Dan Wilchins, editing by Gerald E. McCormick)