More Global Cuts in Financial Sector as Citigroup Cuts 53,000 Jobs

Job holders around the world, especially those in major companies are in a state of fear as competition fighting to be kept in the job is and will the trend until the economy recovers.

Citigroup Inc, a financial sector giant is cutting and the amount is surprisingly large. The plans to cut 53,000 more jobs cutting were posted on Citigroup Inc's website and is currently being discussed by the group's CEO Vikram Pandit at the company's town hall meeting in New York Monday with their respective employees.

Primarily according to news sources, Citigroup Inc has been suffering from massive losses from deteriorating debt in the current looming credit tsunami and by cutting jobs, it is believed that it will position itself more steadily financially.

Citigroup is not alone in this respect as more companies in one way or another may be planning to cut jobs to steady themselves amid this credit and economic crisis.

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