Citigroup planning major job cuts: report »
Posted By engineer 1 year, 11 months ago in Business & FinanceCitigroup, the No. 1 U.S. bank by assets, is planning major job cuts over the coming months, CNBC television reported on Monday. CNBC said that no exact number had yet been set, though some jobs were already being eliminated. It estimated that the cuts could total anywhere between 17,000 and 45,000.
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engineer
Hi My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...
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texangelwings1 year, 11 months ago
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The economy is good, if one has a job that pays $400k a year annual salary, zero healthcare expenses, transportation and household budget/allowance paid for by others. The economy would look pretty good.
The economy is only as good as, the annual income each individual is trying to survive with, after taxes, SS, and daily rising costs of living expenses.
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willottica1 year, 11 months ago
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A lot of smiling going on on this thread... which is pretty pathetic. Congratulations, you were right and the recession deniers were wrong. What are you so happy about? The country is in recession! 17-45 thousand Americans will lose their jobs (from this company alone). Well done. Let's celebrate how right we were!
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mesodude1 year, 11 months ago
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I'm sure you care as much about those people as you care about the 10 million kids the GOP blocked from getting health insurance earlier this month. It's not funny that the economy sucks. It's funny that the economy sucks and those on the right have continued to lie through their teeth in support of their hero Bush. To their way of thinking, the ship might be sinking but they'll deny it 'til the bitter end if it means defending their extremely poor judgement in electing George Bush twice. Boo-hoo...
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NelsonR1 year, 11 months ago
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willottica - You have it wrong, we are not elated but instead were attempting to give heads up to our elected fools who brought us NAFTA and other issues they refused to accept as abnormal. It was a hopeless cause and now we WILL suffer. That is not gloating.
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wallyone1 year, 11 months ago
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there are still recession deniers.. people have been predicting this outcome for a year or more but no one listened.. so the recession deniers in my opinion should be reminded every day that they were wrong.. just like the 911 deniers of the demolition theory should be reminded every day that they are wrong.
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NelsonR1 year, 11 months ago
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Had a conversation with a driver who delivers trusses for home construction in California. Everyone was laid off and are on unemployment now and my question, knowing this is not an anomaly, why are the unemployment figures staying static when we all know its a sham?
Same with the inflationary rate. It seems the government is telling you everything is going fine with barely any increase in prices. Am I living on another planet?
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engineer1 year, 11 months ago
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Because they only count those collecting. When they reduced the number of weeks from 52 to 26, the unemployment rate went down. also part time jobs count. they also do not look at whether the jobs are living wage. If a person lost a good paying job and it was replaced with A McJob or Wal*mart job, it is not figured in.
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saneman1 year, 11 months ago
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As stated by investopedia, Alwaleed bin Talal, a Saudi billionaire who owns 4% of the stock in citigroup told CEO Charles Prince to make cuts now. In addition, "in 2006, CEO Prince walked away with more than a $13 million bonus. And collectively, the rest of the senior executive team pocketed more than $27 million in bonuses on top of what I can assure you are generous base salaries, and handsome stock option awards."
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canadianrancher571 year, 11 months ago
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Your government is just like ours up here, they tell us what we are supposed to hate and they tell us what we are supposed to like. On the hate side it's terrorists and closed borders, on the like side its capitalism, free trade, multinationals and open bordes. We are never supposed to say anything bad about multinational corporations but thy move from country to country raping the people wherever they go. people feel secure that they have a job with a really big company and then these companies make a deal with a government in another country and they'er gone in the night.
When it comes to government reporting on the economy they tell us exactly what we wnt to hear whether it's the truth or not, have you noticed how many time they revise their numbers, and if that still doesn't give the right picture they just leave things out.
Booming economy and no inflation, YEA RIGHT wonder what drugs they're using.
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NelsonR1 year, 11 months ago
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Our savings rates never seem to rise especially when you see a government continually cutting the prime which makes the dollar less attractive to investors. Volker was the primary driving force behind it yet he now bemoans the present state of affairs, thats what is unbelievable.
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saneman1 year, 11 months ago
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As reported in the money and finance section this morning:
"The Abu Dhabi Investment Authority will invest $7.5 billion in Citigroup, offering the nation's largest bank needed capital to offset big losses from mortgages and other investments."
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getreal11 year, 11 months ago
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i don't know if I like the sounds of that saneman. Business is business I know, but this bank and one other were helping illegals set up accounts. They were pushing that Amnesty bill awhile back and setting up like they knew it would be passed
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saneman1 year, 11 months ago
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What's worse, illegals entering this country or foreign investors taking over the largest U.S. bank or are they equally bad? Whatever it may be, I hope this has a positive effect on the U.S. dollar, because the banks impose a lot of effect on the value of the dollar and with a weak dollar, the cost of oil keeps rising.
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getreal11 year, 11 months ago
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saneman You are a patent Attorney, You know for a fact that there are ways already invented to get around without the use of so much oil. Some one with the knowledge needs to give up the greed in order to have a better world. It would be wonderful and a great love of Country, if it started right here in America.
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saneman1 year, 11 months ago
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Tesla is a prime example. He had invented a car which ran totally on electricity without it ever having to be plugged in. Unfortunately, when he died that technology was confiscated by the government. Not even his own heirs have been able to recover those documents. Of course, not all inventions are patented. The states also have trade secret laws which also protects people's inventions. Most large companies don't want to disclose in patents those trade secrets. There have been many patents issued for various forms of alternative fuels. I once patented a new fuel injector which supposively increased mileage by 50%. Unfortuantely, most inventors lack the funds to pursue their inventions and become frustrated as a result and end up doing nothing with them.
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nostalgia1 year, 11 months ago
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"Citigroup, Inc., the nation's largest bank, projects its third-quarter profit will drop 60 percent after taking losses of more than $3 billion as a result of writing down securities backed by underperforming mortgages and loans tied to corporate buyouts."
"Citigroup said third-quarter revenue will be about the same as in 2006. But it will write down about $1.4 billion of its $57 billion portfolio of leveraged loans, lose about $1.3 billion on the value of securities backed by subprime loans, and lose $600 million in fixed-income credit trading, as the bank had trouble navigating market volatility."
They made some terrible decisions and are now paying for them
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Charlson1 year, 11 months ago
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" They made some terrible decisions and are now paying for them"
You can bet that it'll be the labor force that is most adversely affected and not top management.
What a great Christmas and New Year present these unfortunate employees will receive.
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pongping1 year, 11 months ago
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And now we find that CitiGroup is getting a 7.5 billion dollar cash infusion from a foreign government with rather unfavorable terms for stock. What a deal it must be for the buyer. They pay in devalued dollars and get CitiGroup to give them shares called equity units and require a dividend of 11% which is far above the normal 7% or so it normally pays for dividends.
Bet those bonuses still come!
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getreal11 year, 11 months ago
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Saneman: Tesla, that name strikes a bell in my head. It is a stinking shame, this one invention could have kept this world environmentally safe to live in or in the least slowed up, what greed has done to this world. I know what it is to be a cheated heir. It is wrong that something for the good of man-kind be push aside for something that is of more hazard to the earth and life on it. We have some real sick puppies in our government. These very things invented could very well save our country from starvation and such, which I am told does not exist here. Of course the eye beholds another story.
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grahammcintyre1 year, 9 months ago
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When I'm finished with this project, I'll delve into learning how to make my own article. http://around.******love.info
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