Citigroup To Cut 52,000 Jobs In Addition To 23,000 Job Cuts Made Earlier : After being among the biggest casualties of the subprime mortgage-related meltdown in the West, suffering huge write-downs and shedding jobs and non-core operations, Citigroup, the No.2 U.S. bank has revealed plans to cut 52,000 jobs by early next year in a dramatic. The cuts announced by Chief Executive Vikram Pandit will shrink Citigroup’s work force by 15 percent, and are in addition to 23,000 jobs eliminated between January and September
Japan in Its First Recession After Seven Years: Japan surprised markets with data showing the world’s second-biggest economy was in its first recession in seven years as the worst global financial crisis since the Great Depression curbed demand for exports. Japan surprised markets with data showing the world’s second-biggest economy was in its first recession in seven years as the worst global financial crisis since the Great Depression curbed demand for exports. The euro zone is already in recession, usually defined as an economy shrinking for two consecutive quarters.
China Fears Downturn, Attracts Private Equity Interest : China’s central bank said the risk of a downturn in its economy was rising, and it also warned that the global slowdown could hurt its exports. Private equity major, Blackstone, about one-10th owned by China’s sovereign wealth fund, is actively looking for deals in the country’s property sector.
U.S. Auto Sector Stressed, Prepares For A Bailout : Automakers have taken the brunt of the impact from a dramatic decline in U.S. consumer spending, triggered by the housing crash and worsened by rising unemployment. Germany said it was ready to guarantee funds for General Motors’ Opel unit. Even Japan’s Toyota came under ratings scrutiny as signs of recession spread across the globe. U.S. Senate Democrats proposed a plan to provide $25 billion of the $700 billion financial fund as loans for the nation’s “Big Three” automakers, General Motors Corp, Ford Motor Co and Chrysler LLC.