[imnuts]

Nov. 17 (Bloomberg) -- Citigroup Inc., the U.S. bank with the most employees, plans to eliminate more than 50,000 jobs and cut expenses by 20 percent from their peak as the global economy contracts.

Chief Executive Officer Vikram Pandit intends to reduce headcount by about 14 percent to 300,000 in the ``near term,'' according to a presentation on the firm's Web site today. Pandit has already cut 23,000 jobs, leaving the New York-based bank with 352,000 employees as of Sept. 30.

Citigroup slumped 19 percent in New York trading last week and is down 68 percent this year, after four straight quarterly losses totaling $20 billion. The fourth-biggest U.S. bank by market value will probably post a loss of about $187 million for the fourth quarter, analysts surveyed by Bloomberg estimated.

``Continued asset and expense reductions, while positive, are indicative that the operating environment has been and is expected to continue to be challenging,'' Barclays Capital analyst Jason Goldberg said today in a report.

Bloomberg

[phileysmiley]

I heard about this early this morning. That's an amazing number.

This is the #2 biggest job cut by any company in history. #1 was IBM in 1993 cutting 60,000.

[imintheloserssquare]

*sigh* more bad things to come.
also the automakers want a bailout.

*more sighs*

but gas is $1.73 a gallon ...

[Malhovic]

Where do you live? My gas is at $2.43/gallon.

[imnuts]

According to GasBuddy.com, NY has the highest prices in the coutry right now, even ahead of CA. Around here, regular just got below $2 a gallon. I think it's about $1.90 at the cheapest station.

[yeshuas]

Gas is still over 2.15 by me here in N.W. Suburbs of Chicago

Chicago proper is close to $3.00, that is Cook county which has one of the highest if not the highest tax rates in the country

[e to the x]

Where do you live? My gas is at $2.43/gallon.

New York needs to get with it. now commuter fares are set to rise once more...possibly 9% according to the MTA, Heating Oil and Gas and Electric surcharges are still being applied despite the drop in oil price.

Thankfully I was able to fill my car up for under $30 for the first time in who knows how long.

New York is currently 3rd in state avg for a gallon of gas behind only Alaska and Hawaii. Long Island is 6th in terms of cities, and NYC is 4th behind anchorage, honolulu and buffalo.

[phileysmiley]

My mom lives on Long Island and I always make sure to gas up in Jersey before heading over the bridge. The prices near her have been higher than in Philly for as long as I can remember. When I was using Premium in 2006-2008 even that was cheaper here than regular in her area.