Banks: Beyond the Citi Carnage

The firm has announced massive layoffsand other big houses may follow suit. What will the industry look like when the dust settles?
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Citigroup's (C) decision on Nov. 17 to ax 53,000 jobs—bringing total job cuts at the battered bank to 20% of its global workforce since late 2007—vividly demonstrates what many have been predicting for a year: The financial industry is shrinking.

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