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2009
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NOVEMBER 2009
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The Meltdown

Citi Slashes Jobs

More bad news from Wall Street: Citigroup, the second-largest U.S. bank, announced today that it's slashing 52,000 jobs globally as it attempts to restore profitability and boost a sagging share price. The bank’s stock dropped into the single digits last week, the first time since Citigroup formed in 1998. The bank has lost $20.3 billion in the last year. The cuts are the largest announced by any financial services company since the credit crisis began. Earlier this year, Citi laid off 23,000 people.

Read it at Reuters
Posted at 1:24 PM, Nov 17, 2008
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Financial Crisis, Economy, Citigroup, The Meltdown, Reuters, Layoffs, Banking, Citigroup Layoffs, Jonathan Stempel, Dan
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