The slumping global economy has forced Citigroup, the fourth-largest U.S. bank, to cut 50,000 more jobs worldwide



Major Bank Cuts 50,000 Jobs
By VOA News
17 November 2008

The slumping global economy has forced Citigroup, the fourth-largest
U.S. bank, to cut 50,000 more jobs worldwide.

The banking giant announced Monday it is cutting about 14 percent of
its workforce to reduce expenses by about one-fifth.

The news followed reports from Tokyo showing Japan has officially
slipped into a recession.

Japan's economy - the world's second largest - shrank one-tenth of a
percent in the three months ending in September.

Economic problems are also prompting the head of the International
Monetary Fund, Dominique Strauss-Kahn, to say the group needs an extra
$100 billion in the next six months to aid struggling nations.

Major world economies are taking their own measures to prevent a
financial meltdown.

In Washington, the U.S. Senate begins work Monday on an aid package
for the struggling American auto industry, a major player in the
world's largest economy.

Analysts say the United States is on the verge of a recession, and 15
European Union nations are in one already.
In London, British Prime Minister Gordon Brown called for a
coordinated approach to solve the global economic crisis.

Mr. Brown and other leaders from the Group of 20 industrialized and
developing countries met in Washington Saturday to discuss what
actions to take to stabilize the financial system.

Stock prices rose a bit Monday, in Tokyo, but were down in other
Asian, European, and U.S. trading.



Some information for this report was provided by AFP, AP and Reuters.
.



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