Citi to cut costs

Citigroup CEO says the bank will cut its costs across the board by up to 20%, a move almost certain to trigger big layoffs and further ravage the financial-sector employment picture. Savings would not come entirely from job cuts but would also be harvested by improving technology. The cost cuts suggest that Citigroup may shed more jobs than the 25,000 which analysts estimate. "It is clearly feasible for us to take 10, 15, 20% off our cost base, especially in information and technology and operations," Pandit said.

The usual solution - employees don't actually generate revenue, they are simply costs to be cut. Makes me wonder why they didn't get rid of them before. Duh!