Movers: Citigroup, Lowe's, Target, Goldman Sachs
Citigroup (C) says it plans to cut about 50,000 more jobs in the coming months and cut expenses by 20% from their peak as the global economy contracts. The plans were posted on the company's Web site, and were to be presented by CEO Vikram Pandit to employees at a town hall meeting. Citigroup already reduced headcount this year by about 23,000. The latest job cuts would leave Citigroup with about 300,000 jobs worldwide. The expense cuts are expected from layoffs, the sale of units and attrition.
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