Nov 17
Citigroup to cut another 52,000 jobs
US bank Citigroup has announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made this year.
Citigroup job cull to hit 75,000
Citigroup said the 75,000 job cuts represented a reduction of about 20% of its staff, leaving it with 300,000 jobs worldwide “in the near term”.
The cuts will come from redundancies, the sale of units and natural wastage, the bank said.
Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.
It has posted four straight quarterly losses and some analysts believe the bank will not make a profit again until 2010. (Source: BBC)
My blog seemed pessimistic, perhaps I should post more good news.
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