New York based major American financial services company Citigroup to cut 50,000 jobs in next two quarters to reduce losses. This is apart from the 23,000 laid off in last one year.

Citigroup is America's second largest bank in terms of assets with 12,000 offices in 107 countries and a workforce of 3,50,000. The company also holds over 20 crore customer accounts in more than 100 countries.

Over the last four quarters, the company has lost more than $2,000 crore (98000 crore Rupees) due to economic crisis. Citi stocks plunged more than 68% in last one year and majority of the loss came in last few weeks.