Citigroup to Cut 50,000 Jobs

Bank plans to make dramatic round of job cuts.

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Citigroup said today it plans to cut more than 50,000 jobs worldwide as part of a larger effort to slash expenses and regain profitability.

Reuters reports that bank sources have said the cuts will be completed within the first couple of months of 2009. Citigroup had about 375,000 employees at its 2007 peak. It now aims to bring payrolls down to 300,000.

You can see Citigroup's "town hall" presentation for employees here.

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