ONN reports Citigroup cutting over 53,000 jobs in the next six months. Their share price is at a 13 year low now and still dropping. With all of these crashing companies and now maybe the three big auto makers in Detroit going down too. This getting right out of hand now. Update -- Bailout of Citigroup coming too.

The crumble seems to be starting to snowball into an avalanche. The Dow dropped over 200 points again today and the bottom is not in sight. Here is a quote from the Ohio ONN article:

“….the New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter. The company said that in addition to job cuts, it plans to lower expenses by about 20 percent, and that is has reduced its assets by more than 20 percent since the first quarter of the year….”

Now this makes sense when a bad recession is in full swing. There going to be layoffs for sure, but this is now getting ridiculous now. The combined total of lost jobs in the US is getting frighteningly high. According to the U.S. Department of Labor web site we could be on a slippery slope.

If you are living in Ohio presently and have been laid off (or going to be laid off) with CitiGroup, you may find this web site useful for finding another job in Ohio. And ironically Citigroup is is hiring in Columbus Ohio as we speak. Click here to apply for a job with Citigroup in Ohio.

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