More Citigroup Workers Expected To Get Pink Slips

Citigroup has already laid off more than 20,000 people in the past year. The Wall Street Journal reports Friday that pink slips are set to go out to another 10,000 employees. Citigroup is struggling to dig itself out of a financial hole. The lender also plans to raise interest rates for some of its credit card customers, by up to 3 percent.

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STEVE INSKEEP, host:

NPR's business news starts with even more pain on Wall Street. One of the country's biggest banks is set to lay-off thousands more employees. Citigroup has already laid off more than 20,000 people in the past year. And today, the Wall Street Journal reports pink slips are set to go out to another 10,000. Citigroup is struggling to dig itself out of a financial hole, and if you happen to be a credit card holder, Citigroup expects you to help. The paper reports that the lender also plans to hike interest rates for some of its credit card customers by up to three percent.

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