Date:18/11/2008 URL: http://www.thehindu.com/2008/11/18/stories/2008111856241600.htm

Business

Citigroup to slash 50,000 jobs

NEW YORK: Citigroup on Monday said it planned to cut about 50,000 jobs as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench. The cuts are expected in the near-term and are on top of the roughly 23,000 jobs eliminated by the second-largest U.S. bank between January and September.