Citigroup announces 9,000 job cuts

Citigroup, the largest bank of the United States, has decided to cut 9,000 jobs worldwide following a heavy loss in its revenue. The company has lost $33 billion over the past nine months. The latest credit crunch has taken a heavy toll on American banks. Other leading banks JPMorgan, Wells Fargo and Wachovia too reported heavy loss in the first quarter of 2008. Read more here.