Citigroup has made public its intention to cut almost 10 percent of the global workforce, as the company is to cut its employee compensation budget by at least one-quarter.

Citigroup has also announced plans to start raising credit card rates for customers who have not experienced an increase in at least two years. These measures are part of the company's strategy to deal with the worsening economical situation. Citigroup is to raise its customers’ borrowing rates by two to three percentage points. As a result, some borrowers are to pay over 20 percent interest instead of 17 percent. The bank is to inform cardholders on the raising interest rates when they receive their November statements. They can decline the rate increase by the end of January, but in this case they will have to pay down the balances on their accounts according to the old pricing terms and apply for a new card or search for a different lender. The bank has nearly 54 million active credit card accounts, and registered USD 902 million in losses in this segment in Q3 2008.