Citigroup Cutting 50,000+ Jobs

Citigroup Set To Cut
Citigroup will slash a staggering 53,000 jobs - the second-largest cut ever by a US company - because of punishing losses and a reeling economy, the financial giant announced yesterday. The massive job cuts, which will shrink New York-based Citigroup's workforce by about 15 percent, comes just two months after the banking behemoth finished trimming 23,000 positions. About half of the new cuts will come through layoffs and attrition. The other half will come from the sale of units.