Citigroup to chop 45,000 more jobs due to staggering losses

It did not have to be this ugly, but because Bush, Greenspan and the GOP thought that industry could regulate itself we're now looking at some horrendous job termination numbers. How many of these people will enjoy a cool $50 million payout?

Citigroup, Wall Street’s largest financial services firms, is planning its second round of large-scale layoffs in less than a year, CNBC has learned.

People inside Citigroup say the firm hasn’t set a target number of cuts from its roughly 320,000 employees. But people with knowledge of the matter have described the pending job reductions as "massive" and "large." The total number could reach as high as 45,000, these people estimate.

This comes on the heels of 17,000 people fired earlier this year. Merry Christmas from the GOP and Greenspan.