The story

Banking giant Citigroup has announced it is cutting a further 50,000 staff as the economic crisis worsens.

It followed Japan's announcement Monday that the world's second largest economy had slipped into recession.

The latest job cuts by Citigroup are yet another example of how the New York-based bank is desperately trying to cut costs in the wake of the credit crisis. Over the past four quarters, it has trimmed its payroll by 23,000 workers. Read full article »

CNN's Junko Ogura and Kyung Lah contributed to this report.

All About Financial MarketsTradeAsia-Pacific MarketsJapanese Markets

Don't Miss