Citigroup Cuts Value of Investments by $14 Billion

Citigroup's 9,000 job cuts and $14 billion in write-downs suggest that even if the worst of the credit market volatility is over, the industry is now in a conservative, cost cutting mode. The bank's write-downs, plus more than $3 billion in costs related to consumers' credit problems, led it to report a first quarter loss of $5.1 billion or $1.02 a share. I don't think we have seen the last of the layoffs yet. They seem to keep on coming.