How bad will job cuts be at Citigroup?

It's become something of a parlor game to guess how much Citigroup will writedown for the first quarter. Merrill Lynch just reduced its earnings estimate to a loss of $1.66 a share. A related question that lingers: How many jobs will the bank be forced to cut? Until now, the bank planned to cut 24,000 jobs. Now, according to CNBC, the cuts will be in the 30,000 range, and are expected to take place over the next 18 months (still, this should not be surprising). The firm would be roundly criticized if it did not make a statement of some sort regarding the head count, but you have to wonder if cost action will be enough. At some point, CEO Vikram Pandit will have to make a definitive statement on the strategic side. The head of Dubai International Capital said that Citigroup still needs more capital.   

For more:
- here's the CNBC article
- here's more on the Merrill Lynch move
- here's an AP article on sovereign wealth

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