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.