Citigroup Inc. faces serious economic recession that makes the major American financial services company cut another 2,000 trading and investment-banking jobs.
It’s the second time this year that the company cuts jobs, both cases based on the previous mortgage market crisis, costing Citigroup a loss of almost half its market value.
On January 7, 2008 Citigroup announced that it is considering cutting 5 percent to 10 percent of its work force, which totals 327,000.
Analysts broadcast further losses taking into consideration Citigroup’s loss in the fourth quarter (the biggest in its 196-year history) and the current events. Some predictions are even darker and hint that Citigroup is balancing over a gulf.
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