I'm outraged. Citi Group to cut 53,000 jobs.

Just shows that the bailouts are not going to work. Companies have actually been getting bailed out since 9-11 happened. They just recently became popular in the news media again, because of the large amounts of money. And it has never worked. These companies are failing from their own faults. Not the economy. Let them fall. Other's will take their place. Its better they fall on their own, then have them fall, and take us all with them. They love to play the scare game "If we go down then you'll pay! no jobs blah blah blah." No the truth is if they go down, someone else will gain their spots. Goodbye citigroup ...hello MyLotBank. That's how capitalism works. You fail you fall.

Hi Browisn. You are right. It is a shame but we know that many companies will take advantage of the situation and the crisis. I think that the government must help who need help to make sure that most of the workers will keep their jobs. If I was a government, if a company lay off workers they never will get a cent to help them. And who receive money from government to help must keep the workers. If they lay off workers the government take the money again from them. The way some big companies are acting make me think that the crisis isn't so big really but they show this to get money from government so they can keep the companies geting gains even so all the consumption get down. As I said it is a shame. Have a nice day.

Per my knowledge, congress did not approved 700 Billion for rescue. But it is very sad to hear that they lay off too many workers. This is not going to go to right direction....

you should do a lil more research before you get so upset at a company. Citigroup is the nations second largest bank. if they go completely under, rather than layoff employees, how many people will be affected? how many loans and employees do they have collectively? everyone and EVERY company now a days is laying off a percentage of their employees. The work just isn't there. http://www.lansingstatejournal.com/article/20081114/NEWS03/811140334/1004/NEWS03" Zubrow and executives with Goldman Sachs Group Inc., Bank of America Corp. and Wells Fargo & Co. told the committee that none of the $75 billion they have received collectively from the government is being used to pay salaries or bonuses. AP Business Writers Adam Schreck in Dubai and Stephen Bernard in New York contributed to this report. Shortly before the town hall meeting in New York, Citigroup Chairman Win Bischoff said at a business forum in Dubai, United Arab Emirates, that it would be irresponsible for Citi and other companies not to look at staffing in the event of a prolonged economic downturn. "What all of us have done — and perhaps injudiciously — we've added a lot of people over ... this very benign period," Bischoff said. "If there is a reversion to the mean ... those job losses will obviously fall particularly heavily on the financial sector," he added. "Certainly they will fall particularly heavily on London and New York." A Citigroup spokesman said that while certain regions and businesses might have higher concentrations of job cuts, they would generally be across the entire company and around the world. In his comments to The Associated Press, Bischoff did not rule out the likelihood that Citi's leaders would go without bonuses this year — a move that would effectively amount to a substantial pay cut for the company's executives. "Watch this space," he said when asked about lost bonuses. On Sunday, Goldman Sachs Group Inc. said seven top executives, including Chief Executive Lloyd Blankfein, opted out of receiving cash or stock bonuses for 2008 amid the ongoing credit crisis.

I am really sorry to read about this topic that means another 53 thousand workers will have no jobs anymore and I think it's getting worst and depressing. There are many more families that will suffer hardships because of the lost of jobs. I wish there is other choice to be made not like this. It's a terrible economy after all and yet I can't see no solution to this problem in the coming days. We just have to be strong and never give up. I am praying taht we all can survive the depression we are facing nowadays.

more will come from other organisations and corporations as they trim up their operations and rid off those redundant jobs created during the economy boom. When time are good, they expand to create jobs and most of the time, these jobs are not necessary, at least in those corporations that i know. Some are duplications of existing jobs but created just to improve the image of their companies. So when it comes to cost cutting, these jobs are the 1st to be axed cos in the first place, they are not necessary. So not point getting upset and another mylotters raised a good point, we rather they axed some jobs than going under