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Citigroup to axe 50,000 jobs

Welcome back!

Citigroup announced plans to trim 50,000 from their global workforce and cut expenses by 20% to recover from the masive losses incurred.

Citigroup has 2500 staff in Australia mostly based in Sydney and Melbourne, their total workforce was 352,000 at the end of September 2008.

Last week Citigroup’s share price fell to a 13 year low as the stock tumbled amid worsening credit and banking conditions.

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