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Friday, November 14, 2008

Citigroup to Lay off another 10,000

The pain continues as companies deleverage and assets under management shrink forcing cost cutting throughout the industry.

NEW YORK ( -- Citigroup is getting ready to lay off thousands of workers and raise credit card interest rates, according to a published report Friday.

The battered financial services company will be laying off 10,000 workers, on top of the 23,000 job cuts it has already made over the last four quarters, reported The Wall Street Journal.

Citigroup will also be adding three percentage points to the interest rates of some credit card customers, the newspaper said.

In October, Citigroup, the nation's fourth-largest bank in terms of deposits, was one of nine banks selected by the U.S. Treasury for a $25 billion cash injection in exchange for stock.

Citigroup's (C, Fortune 500) stock has plunged 68% so far this year, considerably worse than the S&P 500's decline of 38% during the same period. To top of page