8th August 2009 - Happy 1st 080808 Anniversary!

Citigroup slashes jobs worldwide in bid to save itself from further losses



In short:
Citigroup plans to cut some 52,000 jobs worldwide or 20% of its workforce by early 2009 to reduce expenses and to cut from further losses in the current global economic crisis.

The cuts will be global, affecting many regions and business lines, including the retail and investment banks, a person close to the matter said. About half will come from layoffs and attrition, and the rest from the sale of units, such as the German retail banking business.

Over 100 Locations worldwide:
Africa
Algeria
Cameroon
Congo, Democratic Republic of
Egypt
Gabon
Ghana
Ivory Coast
Kenya
Morocco
Nigeria
Senegal
South Africa
Tanzania
Tunisia
Uganda
Zambia


Asia Pacific
Australia
Bangladesh
Brunei
China, People’s Republic of
Guam
Hong Kong
India
Indonesia
Japan
Korea
Macau
Malaysia
New Zealand
Philippines
Singapore
Sri Lanka
Taiwan
Thailand
Vietnam


Central America / Caribbean
Bahamas
Barbados
Cayman Islands
Costa Rica
Dominican Republic
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Panama
Puerto Rico
Trinidad and Tobago


Europe
Austria
Belgium
Bulgaria
Czech Republic
Denmark
Finland
France
Germany
Greece
Guernsey
Hungary
Ireland
Italy
Jersey
Kazakhstan
Luxembourg
Monaco
Netherlands
Norway
Poland
Portugal
Romania
Russia
Serbia
Slovakia
Spain
Sweden
Switzerland
Turkey
Ukraine
United Kingdom


Middle East
Bahrain
Israel
Jordan
Kuwait
Lebanon
Pakistan
Qatar
United Arab Emirates


South America
Argentina
Bolivia
Brazil
Colombia
Ecuador
Paraguay
Peru
Uruguay
Venezuela


North America
Canada
Mexico
United States

How far will the 20% reduction affects the countries above? This will be a dramatic move to restore the No. 2 U.S. bank to health as it combats mounting debt losses and sagging economies worldwide.