Citigroup Inc one of Americas largest financial institutions says that in the first quarter of 2008 it has had to write down or post as a loss 16 Billion dollars against its earnings causing an overall loss of over 5 billion dollars for the company.

This report of 9,000 jobs lost is on top of 4,000 cut in January of which about 1,300 were in its investment services.

Citigroup employs aproximately 370,000 people.