Continuing the downward trend in an ailing economy, Citigroup Inc has just announced the elimination of 53,000 more jobs that are in addition to those cut back in October. Who is being affected?

According to Chairman Win Bischoff, the Citgroup layoffs are an across the board cut back. This comes on the heels of four straight quarterly losses in revenues. The third quarter loss was $2.8 billion alone.

Bischoff went on to say to the Associated Press, “What all of us have done…and perhaps injudiciously…we’ve added a lot of people over…this very benign period. If there is a reversion to the mean…those job losses will obviously fall particularly heavily on the financial sector. Certainly they will fall particularly heavily on London and New York.”

The Citigroup Chairman also mentioned that it is possible that high level executives could go without bonuses this year.

In October, there were Citigroup job cuts of 22,000. Since the end of 2007, Citi has reduced its workforce by more than 20%.