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Citigroup to announce job cuts of up to 50,000: CNBC

11.17.2008

WiseOne

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Join Date: Sep 2007

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Citigroup to announce job cuts of up to 50,000: CNBC

Quote:

NEW YORK (Reuters) - Citigroup Inc (NYSE:C - News) plans to cut 50,000 people from its workforce, CNBC television said on Monday, as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench. The job cuts are on top of the roughly 23,000 jobs Citigroup has already slashed this year, and would leave the second-largest U.S. bank with about 300,000 jobs worldwide.

Read More Here >> Yahoo Finance

WiseOne's Comments, wow...now them thar are a lotta jobs, y'all! This is fascinating to watch...the US is finally paying the piper after so many years of arrogance and apathy. I knew it was coming, but this is pretty fast indeed! Kind of like a snowball headed for hell...

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