The New Nation - Internet Edition

Internet Edition. November 19, 2008, Updated: Bangladesh Time 12:00 AM

Citigroup to slash 50,000 jobs worldwide

AFP, New York

US bank Citigroup said on Monday 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 Friday 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.

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