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Citigroup Announces 50,000 Job Cut

Citigroup is the latest giant from the financial world to announce job cuts. In an effort to reduce expenses, the company said it will be reducing its workforce by 50,000 employees in 2009. The cost-cutting measures are a direct result from a decline in business brought about by the housing crises and slumping economy.

Citigroup is looking to reduce its workforce to 300,000 by the end of the third quarter. At present there are approximately 350,000 employees. At the beginning of 2008 there were 375,000 employees. The reductions will be achieved in three ways – attrition, lay-offs and the selling off of business units.

The end goal, as it stands now at least, is to reduce costs by about 20% in 2009. While the moves are looked upon as a necessary strategic move to meet the challenges of an uncertain future, it did nothing to placate shareholder worries. On Monday the stock was hit hard, falling 6.6% to $8.89 a share. That’s down an astounding 75% from their 52 week high.

Citigroup is an American based financial services company that specializes in consumer banking, corporate banking, investment banking, global wealth management and private equity management. They are a major issuers of business and consumer credit cards under the name Citi Cards.

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