It’s official now. The 15 countries that use the euro are officially in a recession, the European Union said today, as their economies shrank for a second straight quarter because of the world financial crisis and sinking demand. More on this in Yahoo Finance.
Citibank is planning to fire 60,000 employees over next few months, starting with 10,000 this month. Its chairman also may be leaving. You can read more about this here. Sun Microsystems is also planning to layoff 6,000 employees.
Related Link: It’s gloomy out there
Citigroup’s layoffs – part of a plan to cut about 53,000 jobs in coming quarters – represent the latest bad news to drop on the financial sector and the economy. The company also plans to cut expenses by 20%. (Read Citigroup’s