Monday, November 17, 2008

Citigroup set to cut 75,000 jobs

US bank Citigroup announces plans for up to 75,000 job cuts, up from a previously announced total of 23,000. Citigroup said in a statement the cuts represented a reduction of about 20% of its staff, leaving it with 300,000 jobs worldwide "in the near term".

Citigroup has lost more than $20bn 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.

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