Citigroup slashes jobs; auto bailout stalls

Cincinnati Enquirer

The bad news widened Monday as Citigroup, considered the most-troubled financial giant, said it will cut 53,000 jobs.

Citi would be about 20 percent smaller after one of the largest U.S. job cuts on record.

The government has already invested $25 billion in Citi from the financial rescue package.

Meanwhile, the Bush administration has told lawmakers that it plans to leave at least half of the $700 billion bailout fund for the Obama administration next year.

In Washington, a new phrase is emerging: "bailout fatigue."

It's one reason for White House and congressional resistance to the proposed $25 billion auto industry rescue, which appeared closer to stalemate.

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