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Citigroup to announce 52,000 job losses

American banking giant Citigroup has today announced plans to reduce its workforce by around about one fifth which equates to 52,000 job losses. There is real concern that London and the US will feel the brunt of the changes with over 12,000 people working in London alone. The last couple of weeks have seen a major change in the employment situation in the city of London with literally tens of thousands of job losses announced over the last few days.

While we have all seen large scale job losses in the city in the past, there is a feeling that the cost-cutting procedures being announced today and over recent days are all a little different. Let us not forget that we have seen the US investment banking community literally blown apart with no official "investment banks" left. We have seen some of the oldest names in the US banking industry go out of business and left to the vultures to pick off the better operations.

There is a feeling in the city that it will take longer for the financial heartbeat of the UK to bounce back from this current recession than we have seen in more recent recessions. Times are hard and they are set to get harder if the forthcoming economic figures are as bad as many expect.

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