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Citi to Lay Off 10,000, Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

By Clay Dillow, Newser Staff

Posted Nov 14, 2008 7:13 AM CST

(Newser) – Citigroup, seeking profitability after suffering net losses of $20 billion over the past year, is laying off at least 10,000 employees worldwide and raising rates on some credit card holders, the Wall Street Journal reports. Officials were told to trim employee compensation budgets by... Read full story »

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Citi to Lay Off 10,000, Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

Citigroup • credit card • credit crisis • job cuts • Vikram Pandit • investment banks • credit card accounts • financial crisis

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Citi Cutting 4,500 Jobs

Bank faces 'extremely challenging' conditions, CEO says

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US to Take 36% Stake in Citi

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