Source: RawStory

In a statement just read on CNBC, the megabank Citigroup has said that they plan to cut another 50,000 jobs on top of the 23,000 announced earlier this year.

VIA REUTERS: "Cuts are expected from layoffs, the sale of units and attrition. Citigroup plans to slash expenses 20 percent from peak levels and spend $50 billion to $52 billion in 2009, compared with $59.8 billion in 2007.

The cuts are Chief Executive Vikram Pandit's most dramatic move yet to restore profitability and bolster a sagging share price. Last week, Citigroup stock fell into the single digits for the first time since Sanford "Sandy" Weill created the bank in 1998 from the merger of Travelers Group Inc and Citicorp.

Shares of Citigroup have fallen 68 percent this year, leaving the bank with a market value of only $51.9 billion, barely twice the $25 billion of capital it received from the U.S. Treasury Department's bank bailout plan.

VIA BBC: "Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.

"Underlying business remains strong and revenues have been stable," the bank said.

Citigroup's chief executive Vikram Pandit has come under pressure from critics who have doubted his ability to turn around the company and weather the financial crisis.

Some analysts believe the bank will not make a profit again until 2010.