Londons Burning

So Citigroup have announced they are to cut over 50000 jobs. This is on top of a cull of over 20000 earlier in the year. Now not all of those will come from the UK. To be fair they can't, Citigroup only employ around 12000 people in the UK. But London is going to take a fair hit. Once over the initial shock of the numbers though I am left wondering HOW they can cut this many? Over 70000 jobs cut within a year. OK, so the recession is beginning to bite. But even so this is an amazingly big number. I can't help but think that they must have been over-staffed. How can you lose that many jobs and keep functioning, unless they weren't all needed to start with? I am not complacent, we are seeing cuts as well, and it means we all have to work harder. But that is rationalisation in the extreem.