Citigroup may cut 15,000 jobs
New York: Citigroup Inc., may cut 15,000 jobs to revitalize itself. Citigroup's costs last year rose 15 percent while revenue increased 7 percent.

The proposed cuts would affect 5 percent of Citigroup's 327,000-person work force, and may include attrition, according to reports in the Wall Street Journal and New York Times. According to the WSJ, Citigroup may take a charge of more than $1 billion from the operation. Consumer operations would be hardest hit, and the corporate and investment bank could lose several thousand jobs.
Citigroup is expected to detail the cuts by April 16, when it reports first-quarter results.
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US new home sales fall
Washington: Sales of new U.S. homes fell 3.9 percent in February to the lowest rate in nearly seven years while the number of new homes coming to the market grew, according to a government report on Monday.

The monthly decline was the second straight one and the volume of sales fell to their lowest level since June 2000, at 793,000.

The struggling housing market also weighed on investors' confidence in the U.S. economy, according to a survey released on Monday. The UBS/Gallup Index of Investor Optimism fell to 78 in March from 90 in February, the lowest since 74 in September last year.

Seventy-two percent of investors say they believe that conditions in the residential real estate market nationwide are getting worse, not better in March, up from 63 percent in February the survey said.
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