Citigroup to shed another 53,000 jobs »
Posted By STONERS 7 months, 3 weeks ago in Business & Finance
Citigroup Inc . is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
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STONERS7 months, 3 weeks ago
"The company said it is shrinking its work force by 20 percent from its 2007 peak of 375,000. The company had already announced in October that it was eliminating about 22,000 jobs from that level."
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"About half of the expected work force reductions will come from business sales; Citigroup already announced that it was selling Citi Global Services and its German retail banking business, accounting for about 18,000 jobs. Citi is planning to sell other businesses, too, but has not announced them yet."
"The other half of the work force reductions will come from layoffs and attrition." -
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jimdoze7 months, 2 weeks ago
For those whose jobs these are, you have my sincere sympathy. That a company can shed jobs when it must, this speaks to the long term adaptability and healthiness of the system.
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