Citigroup, thought to be one of the more conservative players in the financial industry, hasn't gone unscathed by the mortgage meltdown. While, Citgroup has not made a play to acquire any struggling competitors, it has likewise not been a target for a takeover.
Citigroup's problems were highlighted back in January of this year in an article by Charlie Gasparino for CNBC On Air entitled Citigroup's Layoffs Could Reach 24,000 This Year. The projection was reflective of the anticipated impact from the downturn in the market combined with a portfolio of non-performing sub-prime loans.
Fast forward to this morning and we now get news that the number of layoffs has risen from 24,000 to 50,000 worldwide. There is no information on the numbers specific to the united States at this time. However, one could speculate that the company's base will probably be hit the hardest. That means that New York will probably be reeling from this latest announcement.