Citigroup to Slash 50,000 Jobs Worldwide

Job reductions would shrink company's global workforce to 300,000 employees

Citigroup said on Nov. 17 it would cut up to 50,000 jobs worldwide as the company struggles with the global financial crisis and four consecutive quarters of heavy losses.

The company said the new job reductions would shrink its global workforce to 300,000 employees.

Citigroup said on Nov. 14 it would make further job cuts to cope with the financial crisis, and announced its top executives had bought up 1.3 million shares to show confidence in the banking giant.

Copyright Agence France-Presse, 2008

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