The financial meltdown continues to take a toll on some of the nation's big banks. Citigroup announced on its Web site Monday that it is cutting at least 50,000 jobs.
Citigroup has lost money in every one of the past four fiscal quarters, largely because of big losses in the mortgage market. As a result, its share price has tumbled into the single digits.
The company has already cut 22,000 jobs this year. With the latest cuts, its worldwide workforce will fall to about 300,000, down from a peak of about 375,000. CEO Vikram Pandit said the cuts will come from both direct layoffs and the sale of business units.
Big financial companies have been steadily shedding jobs for months. By one estimate, banks have eliminated about 150,000 jobs worldwide since the start of the financial crisis.
The downturn is being felt by people at the top of the corporate food chain. Goldman Sachs says it will sharply reduce compensation for its CEO and six other top executives at their own request. They will receive their base salary of about $600,000 but not their year-end bonuses — which typically run into the millions of dollars. Goldman's CEO received a bonus of $68.5 million last year.