Citigroup Announces More Job Cuts
US bank Citigroup has announced an additional 52,000 job cuts on top of 23,000 cuts already made this year. This represents a reduction of about 20% of its staff, leaving it with 300,000 jobs worldwide. It is likely that the bank’s New York and London workers will be hardest hit.
Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis but the bank maintains “underlying business remains strong and revenues have been stable”.
Shares in Citigroup dropped 4.4% to $9.10 in early trading contributing to a fall of almost 70% this year.
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