Citigroup Layoffs

As reported by CNNMoney.com - "Citigroup to cut more than 50,000 jobs":

Citigroup said Monday it planned to cut more than 50,000 jobs, the latest move by the struggling bank to cut costs in order to weather the credit crisis plaguing Wall Street

In an investor presentation on its Web site, the company said it would reduce its staff levels to approximately 300,000 employees. As of the end of September, the New York City-based bank had about 352,000 workers.

It was not clear from the presentation what parts of the company the cuts would come from, but there was speculation last week that Citigroup was looking to layoff people in its investment banking and wealth management divisions.

Ouch. The pain continues to spread on all economic fronts. It's too bad that when times were good for these corporations the money didn't trickle down as easily as the layoffs.

Mismanagement from the top equals layoffs for everyone else. With some of the latest goings on, it looks as if some of the executive level positions of these corporations will finally have to accept some responsibility for their company's failings. Fortunately for them, they will have plenty of money to last until their next gig.

Bonus anyone?