Citigroup Posed To Cut Thousands Of Jobs

Citigroup currently has about 65,000 employees in its investment banking unit. About 10 percent of those will soon be looking for another job.

As MSNBC reports;

“More than half of those have already been eliminated,” the person told The Associated Press.

The job cuts are still ongoing at this time. So far in 2007 Citigroup has cut more than 13,200 jobs as it attempts to recover from a slew of bad investments on mortgages and leveraged loans that wiped out billions of dollars from their portfolio. In the first quarter of 2008 the company posted a $5.1 billion loss. That is on top of almost $10 million lost in the last quarter of 2007. Citigroup is the world's largest bank. It is the employee of over 300,000 people worldwide.