Here is the news from CNN.

CNN’s Richard Roth reports why Citigroup has announced plans to cut about 50,000 jobs and how the credit crunch has taken a toll on the financial giant.

Citigroup Inc. announced plans Monday, November 18, 2008, to cut more than 50,000 jobs - a tidal wave of layoffs that will probably reach the Bay Area, where it is the third-largest retail bank. It is reported that the reductions, which will leave Citigroup about 20% smaller.

It is reported by Associated Press, “Of the big four U.S. banks, the others are JPMorgan Chase & Co., Bank of America and Wells Fargo & Co., Citi is the only one that has not made a recent major acquisition - which analysts say is one of the few chances for growth right now. Citi is also the only big bank left that has posted four straight quarterly losses.”

I will not elaborate more just view this video.

Read the news here, Bay Area job losses likely in Citigroup layoffs by SFGate.

Also view this video from BusinessWeek feedroom, Citigroup Layoffs Citigroup to Cut 50,000 Jobs

So guys, are you waiting, this scenario to happen to you or you will sit down and think about your future???

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