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Citigroup Announces Job Cuts

In a move which was not totally unexpected it has been announced that US based Citigroup will be closing its Future Mortgages and CitiFinancial divisions in a move to cut the massive losses which the company experienced in the sub-prime market collapse. The divisions will be closed with the loss of approximately 600 jobs with little likelihood of relocation to other parts of the Group.

It seems that Citigroup is looking to close down or sell on non-core businesses with which it sees little chance of long term substantial growth. The company also owns a number of other financial companies in the UK, with the Egg credit card business possibly the most well known. While the figure of 600 job losses may seem relatively small for a company the size of Citigroup, it may only be the tip of the iceberg with many expecting further announcements in due course.

The US financial sector has been the hardest hit of any country in the world and while many of the well known names of the past will survive, some of the big names will be lost forever. The recovery in the US will be slow and painful, with more and more companies set to ‘pull in their horns’ and jettison non-core assets.

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