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Banking powerhouse Citigroup announced this morning that, in an effort to reduce expenses and boost capital, it will cut 50,000 positions over the next months. The cuts come on top of 23,000 layoffs already made this year. Citigroup is not the only financial operation in trouble: Wall Street firms have announced 150,000 job cuts worldwide this year, though it will be several months before these layoffs are reflected in payroll data. At Citigroup, investment bankers are likely to suffer most, but lesser-known functions, like the legal or human resources departments, will also be hard hit. The cuts are indicative of Citigroup?s slow slide from power, as profits and share prices continue to drop. Insiders say that Citigroup seems lost, but CEO Vikram Pandit is confident that streamlining the operation and selling off assets will help the company to weather the storm.