Citigroup, the US bank with the farthest global reach, announced the biggest round of job cuts since the financial crisis erupted last year, slashing 15 per cent of its workforce in a bid to return to profitability.
The cuts come on top of 23,000 reductions Citigroup had already announced and lag only the 60,000 layoffs by IBM in July 1993 as the largest ever, according to outplacement firm Challenger, Gray & Christmas Inc. After stock markets closed, the US Treasury said it had completed equity purchases in 21 more banks totaling $33.56 billion, including $6.6 billion in US Bancorp
No respite from recession, IMF says needs at least $100 bn funds to fight.
http://www.ibnlive.com/news/analysis-world-in-recession-worldwide-job-cuts/78390-7.html
The cuts will affect 15 per cent of Citigroup's workforce.
http://www.ibnlive.com/news/citigroup-gets-ready-to-cut-52000-jobs--japan-sick/78351-7.html
Finance Secretary Arun Ramanathan on Wednesday met private bankers.
http://www.ibnlive.com/news/finance-secretary-meets-private-bankers-hopes-rate-cut/77523-7.html
It would make this election the most expensive ever.
http://www.ibnlive.com/news/us-presidential-election-could-cost-more-than-5-bn/76556-2.html
US financial giant Citigroup has been shedding non-core assets.
http://www.ibnlive.com/news/citi-selling-india-back-office-to-tcs-for-505-million/75307-7.html
Wachovia, surprised Citigroup on Friday with its announcement it would go with a higher offer from Wells Fargo.
http://www.ibnlive.com/news/spurned-by-wachovia-citigroup-sues-rival-for-60-bn/75209-7.html
Wachovia Corp is the fourth-largest banking chain in the US.
http://www.ibnlive.com/news/us-banking-giant-citigroup-to-buy-wachovias-business/74658-7.html
The company can weather the financial turmoil say Pandit.
http://www.ibnlive.com/news/all-well-with-citigroup-says-ceo-vikram-pandit/74278-7.html
Citgroup had to write down loans and bonds worth $12 billion in mortgage.
http://www.ibnlive.com/news/citigroup-reports-511-bn-loss-to-cut-9000-jobs/63574-7.html
The step would shield the bank from further declines in the value of the debt.
http://www.ibnlive.com/news/citigroup-to-sell-loans-to-shield-bank-from-debt/62995-7.html
Citigroup has already disclosed billions of dollars worth of losses.
http://www.ibnlive.com/news/citigroup-to-cut-400-jobs-in-uk-india-to-follow/57326-7.html
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