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Citigroup planning major job cuts: report »
Posted by: engineer 1 year, 11 months agoCitigroup, 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
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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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Comments: 56
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texangelwings
Nov. 26, 2007, 10:33 a.m.Hummm, wonder what country will have the most in job cuts; America or a foreign country?
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willottica
Nov. 26, 2007, 5:51 p.m.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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NelsonR
Nov. 26, 2007, 6:05 p.m.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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saneman
Nov. 26, 2007, 6:43 p.m.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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pongping
Nov. 26, 2007, 6:52 p.m.I'll bet despite the CEO leaving recently, there will still be some big bonuses paid here.
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markmawn2
Nov. 26, 2007, 7:10 p.m.Is anyone surprised? Bubbles lead to Busts. No exceptions.
It's ENRON 2.0. They all should have known better than to allow careless financing practices. WAMU already confessed to it.
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NelsonR
Nov. 26, 2007, 7:24 p.m.The question then becomes will our government continue the charade by propping up the Banks again as they did in the 90s? Printing phony money is an art that can be perpetual until the citizens realize the gig is up.
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eugenegerard
Nov. 26, 2007, 8:25 p.m.There is a much larger story here. This is just the tip of the iceberg. GOOGLE---Wanta, and you may find out what really happened to Citigroup.
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canadianrancher57
Nov. 26, 2007, 9:20 p.m.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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KYRed
Nov. 26, 2007, 10:36 p.m.So, I suppose with the cuts in jobs and thus the less money needed to spend on labor expense, I'll get a reduction in my interest rate?
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NelsonR
Nov. 26, 2007, 11:07 p.m.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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augustine974
Nov. 27, 2007, 12:33 a.m.The financials turning down has always been a precurser to major market correctiions and rebounds...they are the first to turn down, and then lead a market upturn...I think things have a ways to go tho...
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getreal1
Nov. 27, 2007, 4:23 a.m.No matter, what the news reports about the economy, when I look at the survival situation and what it is taking to survive, no one can convince me the economy is doing an upswing. I am not alone.
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saneman
Nov. 27, 2007, 7 a.m.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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getreal1
Nov. 27, 2007, 7:36 a.m.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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getreal1
Nov. 27, 2007, 7:51 a.m.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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nostalgia
Nov. 27, 2007, 8:16 a.m."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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pongping
Nov. 27, 2007, 2:29 p.m.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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getreal1
Nov. 27, 2007, 11:35 p.m.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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grahammcintyre
Jan. 28, 2008, 2:08 p.m.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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