In its ongoing struggle to steady itself after suffering massive losses from deteriorating debt, the New York-based banking giant, Citigroup Inc., announced Monday that it would cut another 24,000 jobs, bringing its total reductions to 52,000 in the coming months.
CEO Vikram Pandit discussed the plans - posted on the company’s web site – with the employees at the company’s town hall meeting in New York. The move comes after the company posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter.
Yahoo co-founder, Jerry Yang, who took on the CEO role in June 2007 in an effort to turn the company around, will step down from his role as soon as the board finds a replacement. Under Yang, Yahoo talks for an acquisition by Microsoft Corp broke down; rival Google Inc pulled out of a deal to sell some ads on Yahoo; and the company’s shares have withered amid tough competition and a failing global economy. 
Subex Ltd, a leading global supplier of opera
San Francisco - Silicon Valley company Spansion sued Samsung on Monday alleging that the South Korean company had violated numerous patents in its flash memory products and asking the courts to ban the sale of devices like the Apple iPod that use Samsung memory modules.
New York - Bank of America Corp said Monday it would almost double its stake in China Construction Bank Corp, ending speculation that it would dump its investment as a result of the widening global financial crisis.
New York - US banking giant Citigroup said Monday that it was eliminating about 53,000 jobs from its international workforce and cutting costs by 20 per cent after suffering massive losses as a result of the global financial crisis.
