Citigroup cutting 50,000 jobs; Lowe's & Target miss on earnings

Bloomberg

Citigroup Inc., the fourth-biggest U.S. bank by market value, plans to eliminate 50,000 jobs, or about 14 percent of the workforce as of Sept. 30, and reduce expenses by 20 percent from their peak as the global economy contracts.

Ouch.

I'm hearing the layoffs are coming in January & February of '09; they're not dragging their feet on this at all.


Meanwhile, in earnings news...
Marketwatch

Lowe's Cos. on Monday cut its profit forecast for the year after reporting a 24% drop in fiscal third-quarter profit, hurt by consumers paring back on discretionary and big-ticket spending in the face of an uncertain economic outlook.

Marketwatch

Target Corp. said Monday that third-quarter earnings fell to $369 million, or 49 cents a share, compared to $483 million, or 56 cents a share, in the same period a year ago