(Agencies)
Updated: 2008-01-14 20:01

New York -- Citigroup Inc. (C.N) could make as much as $24 billion in writedowns and lay off 20,000 workers as part of a plan to cut costs and boost capital, CNBC said on its website in a report dated Sunday.

The report said the plans will be unveiled on Tuesday, when it reports its fourth-quarter results.

Citigroup is widely expected to report a quarterly loss and announce big lay-offs as it looks to cut costs in a tough business environment.

Many analysts believe Citi will also look to suspend or cut its dividend in a bid to save $10 billion cash a year.