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November 17, 2008

Major Bank Cuts 50,000 Jobs
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http://enews.voanews.com/t?ctl=1F71AAE:A6F02AD83191E1608553A4AA4C98DF6198CBE7246176B735&
 
Report says Citigroup plans to cut about 14 percent of its workforce,
reduce expenses by 20 percent 
Men pass by Citigroup center in New York (file photo)The slumping global
economy has forced Citigroup, the fourth-largest U.S. bank, to cut
50,000 more jobs worldwide. The banking giant announced Monday it is
cutting about 14 percent of its workforce to reduce expenses by about
one-fifth. The news followed reports from Tokyo showing Japan has
officially slipped into a recession. Japan's economy - the world's
second largest - shrank one-tenth of a percent in the three months
ending in September. Economic problems are also prompting the head of
the International Monetary Fund, Dominique Strauss-Kahn, to say the
group needs an extra $100 billion in the next six months to aid
struggling nations. Major world economies are taking their own measures
to prevent a financial meltdown. In Washington, the U.S. Senate begins
work Monday on an aid package for the struggling American auto industry,
a major player in the world's largest economy. Analysts say the United
States is on the verge of a recession, and 15 European Union nations are
in one already. British PM Gordon Brown seen during meeting as part of
the G-20 summit on the global financial crisis in Washington, 15 Nov
2008In London, British Prime Minister Gordon Brown called for a
coordinated approach to solve the global economic crisis. Mr. Brown and
other leaders from the Group of 20 industrialized and developing
countries met in Washington Saturday to discuss what actions to take to
stabilize the financial system. Stock prices rose a bit Monday, in
Tokyo, but were down in other Asian, European, and U.S. trading.

Some information for this report was provided by AFP, AP and Reuters.


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