Citigroup could cut 70,000 jobs; India, Mex, Brazil loans sour

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Specialist Arthur Andrews, foreground, works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

Citigroup CEO Vikram Pandit tells staff he wants to cut 20% of 350,000 worldwide workforce as business slows. Citi announcement here. Also in the announcement: It's tough being global right now: Citi says its U.S. home loan and subprime exposure is low, but Citi consumer loan losses have risen sharply in Mexico, India, Brazil.

SEPARATELY, Citigroup, JPMorgan Chase & Co., Bank of America and the impending Wells Fargo-Wachovia combination all benefit from a new Federal Reserve program, and a temporary easing of U.S. accounting rules, that allow them to finance more commercial paper without setting aside a lot of capital, writes Bloomberg's Brad Keoun in this story.