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Citigroup has cited an almost $9.9billion loss in the fourth quarter; once again, the losses are from mortgage-related investments and bad loans. The company is getting $12.5billion in cash from its former chairman, and from the Government of Singapore Investment Corporation. The upcoming cost-cutting will result in as much as 4000 layoffs now, with more in the future. The new chief executive of Citigroup, Mr. Pandit, is taking what he calls an “…objective, dispassionate” review of the business, and will tour to meet employees worldwide next month.

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