Uh Oh.

NEW YORK (CNNMoney.com) -- Citigroup said Monday it planned to cut more than 50,000 jobs, the latest move by the struggling bank to cut costs in order to weather the credit crisis plaguing Wall Street
In an investor presentation on its Web site, the company said it would reduce its staff levels to approximately 300,000 employees. As of the end of September, the New York City-based bank had about 352,000 workers....read more.

I'm not an economist...actually my economic knowledge ranks below that of even John McCain, for the love of God...but I gotta think this is bad. On the other hand, Citigroup could probably save the same amount of money, and keep 50,000 jobs, by cutting one outrageously paid CEO. I'm all for awarding achievement, but when do more of the top dogs start taking the hit for the mess they created, rather than laying it off on the employees? I'm guessing, never.