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Citigroup and Goldman Sachs begin eliminating jobs because of financial crisis

06 November 2008 13:39 (UTC +04:00)

Washington â€“APA. Citigroup Inc. and Goldman Sachs Group Inc. announced their plans to cut 12 300 jobs. Goldman plans to fire about 3,200 employees and Citigroup says it will discard 9,100 positions over the next 12 months, APA reports. The banks cut job places to reduce expenditures and to avoid losses they fear to be increased because of financial crisis. Goldman Sachs stocks were down by 61.92 percent over the past year and the bankâ€™s total assets reduced to 34.57 billion dollars. The Citigroupâ€™s market value was down by 66.53 percent and reached 68.83 billion. Citigroup shed 12.9 thousand employees this year and Goldman Sachs said it culled 1500 underperformers in April. The banks and brokerages worldwide shed almost 150,000 jobs since the mortgage market collapsed last year. Bank of America Corp, the US second largest bank acquired Merrill Lynch & Co control stake for 50 billion dollars. Morgan Stanley and Goldman Sachs changed their legal status and became banking groups.