Bank of America to slash workforce by 35,000
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To further underline the ongoing financial turmoil caused by the global financial crisis the Bank of America announced plans to slash it’s workforce by up to 35,000 over the next three years.
The cuts come amid the takeover of Merrill Lynch and the ongoing issues in the US banking system. The cuts are forecast around 10% of the total workforce.
Citigroup to axe 50,000 jobs
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.