Citigroup-Citibank to announce a 50000 cut in jobs

According to CNBC this morning, Citigroup Inc CEO Vikram Pandit will announce job cuts of up to 50,000 heads.
The main points of the announcementare expected to beas follows:

* Job cuts to come from both immediate layoffs and attrition

* Will realize significant cost reductions

* Total citigroup workforce to shrink from  350,000 to 300,000

* Group to cut risky or toxic assets significantly, strengthen capitalization

* Job cuts to be wrapped upby end of February 2009
Job losses are set to come across the globe with NY and Dublin, Ireland being particularly badly hit in percentage terms

A formal announcement will be made at 9am NY time (2pm GMT)

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