Battered by bad investment and lending decisions, Citigroup will be cutting 50,000 additional jobs to cut cost and stem huge losses sparked by bad investment and lending decisions.

From MarketWatch.com

Management also plans to reduce costs across the company by 20% in the near term and will continue to sell off troubled assets.

Citigroup’s layoffs are the latest in a brutal round of job cuts across the financial industry. The cuts have been sparked by unprecedented losses due to bad credit investments, as well as the subsequent precipitous drop in banking and other financial-services business amid the worst economic conditions in 70 years.

Companies like Yahoo, Hewlett-Packard and Sun Microsystems have had similar problems and have dropped several axes to alleviate the recession pains brought about by bad investments and credit.