Citigroup Cut More Jobs, Raise Credit Card Rates
Citigroup has said it will shed at least another 10,000 jobs in its investment bank and other divisions throughout the world, according to the Wall St Journal.
Citigroup announced last month it cut 11,000 jobs in the third quarter, bringing the total number of job cuts in 2008 to 23,000 already.
Citigroup aims to shrink its workforce to about 290,000 employees by next year from 352,000 as of Sept 30, the WSJ said.
The paper also reported that Citigroup is notifying some credit card customers that their interest rates are being raised by an average of three percentage points, despite falling base rates.
Citigroup announced last month it cut 11,000 jobs in the third quarter, bringing the total number of job cuts in 2008 to 23,000 already.
Citigroup aims to shrink its workforce to about 290,000 employees by next year from 352,000 as of Sept 30, the WSJ said.
The paper also reported that Citigroup is notifying some credit card customers that their interest rates are being raised by an average of three percentage points, despite falling base rates.
