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News on BBC “Citigroup said the 75,000 job cuts represented a reduction of about 20% of its staff, leaving it with 300,000 jobs worldwide “in the near term”.

The cuts will come from redundancies, the sale of units and natural wastage, the bank said.

Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.

It has reported four straight quarterly losses and some analysts believe the bank will not make a profit again until 2010.

Of the 52,000 job losses, about half are understood to be accounted for already, with the previously announced sale of Citigroup’s German retail banking business and an Indian outsourcing operation.

Citigroup is expected to cut the remaining 25,000 jobs by the first half of 2009. Citigroup declined to comment on the cuts.

The US unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, stark proof the economy
is almost certainly in a recession.

The new snapshot, released on Friday by the Labor Department, showed the crucial jobs market deteriorating at an alarmingly rapid pace.

The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994.

Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003.

The impact of global downturn on the Indian economy’s growth rate, it was quite clear that the economic crisis was having some impact. The Indian officials are saying this year growth rate is expected to be between 7 to 7.9 % against 9 % recorded last four years.

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