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Citigroup said Monday it would cut 20 percent of its global workforce, or some 50,000 jobs, as the US banking giant struggles with the global financial crisis and four consecutive quarterly losses.

Citigroup to slash 50,000 jobs, expenses worldwide
Citigroup said Monday it was slashing a near-record 50,000 jobs worldwide as the US banking giant tightens its belt further to cope with a global financial crisis and heavy losses.

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– Here is a chronology of the global financial crisis since October:

CORRECTED-LSE chief Furse's defensive mettle may pro (Reuters via Yahoo! UK & Ireland News)
Clara Furse has proved her mettle at the helm of the centuries-old stock market by seeing off a series of suitors, but tough markets are a different challenge just as she prepares to step down.

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The chairman and deputy chairman of nationalised mortgage bank Bradford and Bingley have quit.

White House reviewing FDIC mortgage plan
The White House on Friday said it was carefully reviewing a plan by the Federal Deposit Insurance Corp to prevent foreclosures by sharing any losses with mortgage companies that agree to refinance certain home loans.

Freddie Mac loses $25.3 billion, seeks US infusion (AFP via Yahoo! UK & Ireland News)
Freddie Mac, one of the mortgage finance giants taken over by the government earlier this year, reported Friday a quarterly loss of 25.3 billion dollars as it asked for a fresh capital infusion.

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Citigroup on Tuesday launched measures to help embattled borrowers remain current on mortgage payments and avoid foreclosures on their homes.

'Drug rings' busted in mass raids
Police have arrested 20 suspected drugs smugglers in a string of dawn raids across the country.

Grim economic outlook knocks stocks despite German uplift (AFP via Yahoo! UK & Ireland News)
Grim overall economic and corporate news pushed global stocks into reverse on Tuesday despite an unexpected beam of light for the German economy.

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U.S. banking regulators plan to release an interagency statement in the next few days encouraging well-capitalized banks to keep lending to credit-worthy borrowers, the director of the Office of Thrift Supervision said.