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CitiBank, the worlds second largest bank in terms of assets plans to cut 50,000 people from its workforce, according to CNBC. These cuts would be in addition to the 23,000 jobs already slashed this year. After the cuts Citi would only have to take care of around 300,000 employees worldwide. Citi faces almost $20 billion in losses from bad debts on mortgage backed securities and is currently valued at $51.9 billion roughly double the amount i.e. $25 billion that it got from U.S. Treasury.