Citi Group Hard Hit By Economic Slump

There's more troubling news from the nation's financial sector.

Citi Group plans to shed about 53,000 more employees in the
coming quarters. It is struggling to find stable footing after
suffering massive losses. The New York-based bank says it is
shrinking its work force by 20 percent from its 2007 peak of
375,000.

About half of the expected reductions will come from business sales. A spokesman says the other half will come from layoffs and attrition.

Citigroup has reported four straight quarterly losses, including a loss of 2-point-8 billion dollars for the third quarter.


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