Citigroup to cut 11.000 jobs. Just breaking. Recovery is great

Thanks for another pin

Is this when O says that the economy is Roaring back?

Citigroup today announced a series of repositioning actions that will further reduce expenses and improve efficiency across the company while maintaining Citi’s unique capabilities to serve clients, especially in the emerging markets. These actions will result in increased business efficiency, streamlined operations and an optimized consumer footprint across geographies.

Michael Corbat, Citi’s Chief Executive Officer, said, “These actions are logical next steps in Citi's transformation. While we are committed to-- and our strategy continues to leverage-- our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns. And we will further increase our operating efficiency by reducing excess capacity and expenses, whether they center on technology, real estate or simplifying our operations.”

Due to this repositioning, Citi expects to record pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013. Citi currently expects that the repositioning will generate $900 million of expense savings benefitting 2013 results and that the annual expense savings will exceed $1.1 billion annually beginning in 2014. Citi also expects the repositioning actions to have a negative impact on annual revenues of less than $300 million. These actions will result in a reduction of more than 11,000 positions.

Citi expects the repositioning activity to affect the following businesses and functions:


Read more: [link to www.businessinsider.com]

I like that, "we have identified products and areas that provide no meaningful return."

People still think we haven't already gone over the fiscal cliff?

If it looks and quakes like a duck.

Babylonia is falling

they created money out of thin air, that's what they needed them ppl for.

Were they one of the large banks that received bailout cash? I'm guessing there were a few politicians who knew about these job cuts in advance. Will it affect the stock prices positively? If so, the same politicians will be sitting fat, as always.

citigroup is a racist company.

Well when drug companies are laying off thats another not so good sign too.

[link to seattletimes.com]

[link to medcitynews.com]

[link to www.bizjournals.com]


Saw where Bank of America is laying off 200 in Massachusetts

Dailyjobcuts.com just keeps on posting more and more.Pretty soon there wot be anything left.

UBS recently fired 50,000 people.

Due to technology one has to wonder if banks will even be needed in the future for basic transactions. We can use our smartphones for depositing checks and use a debit card for most transactions. Why wouldn't banks be streamlining their services when more and more transactions can be automated!

Doesn't Citi do the EBT cards?

[link to www.dailyjobcuts.com]

Recovery 101

No Recovery

jpmorgan chase I think do those

Remember in the good old days when companies would wait until Christmas was over before handing out pink slips?

Expect A LOT more layoffs soon.

The suits who write this press release shit sound like they could justify murdering 11,000 people if they just word it right:

Citigroup feels their cremated remains of of our 11,000 terminations will not only save revenue for our shareholders, further help expand our global foot-print while at the same time emphasize our commitment to compassion when dealing with our employee family and the public.

Barak obama said that job growth will be based on CERTAIN jobs. I think this is part of the realignment of jobs to further compartmentalize the world market creating international dependence never seen before.

Look,

These jerks were going to fail regardless of who is President.

They ripped off people for YEARS thanks to DEREGULATION the REPUBLICANS pushed through and now they are paying for years of greed.

They get what's coming to them.

It's like all the jerk Republicans that own businesses that are laying people off just because they lost.

Do they really think that's going to make them more popular with the people?

I hope not, because if they do they are more delusional than I thought they were.

Mankind CANNOT live without regulation. If there are no controls and rules we go nuts.

That's what's happening now. Deregulation has killed the media. It's the same bland bullshit no matter what market you are in because 4 Companies own every damn radio/tv station in the USA. There's no competition, so they fired everyone, went automated and all the radio stations play the same shit day in and day out.

It's also why the news on TV sucks so bad.

They tell you what they want you to hear, not what you want and need to know.

Which is why they want the internet censored. If they have their way, we won't be able to post stuff like this anymore.



Last Edited by Soma/Comatose on 12/05/2012 09:40 AM

Ya, they are running out of ways to fuck people out of their money so in order to maintain the extravagant life styles that the top 2% have, you need to get rid of the low level minions....

Scum of the earth...

No, this is O's "fisal cliff" and PROVES "rich people are just evil...." cause they want to save themselves $$$ on tax rules. Oh, the evilness of THAT!

No it's the part "the best ist yet to come"

Typical libtard lies as usual.

Citi is big into the student loan bullshit.

there is not enough jobs for 300 million people, get over that fact...


there are thousands of useless jobs out there, they will end.


for profit banks are corrupt and they will fall.

About 3% of their employees.

In an effort to make robbery more efficient and cost-effective.

Really? Why are you all on GLP still blaming Obama?

With all your Planet X, 2012 End of the WOrld, Reptillian Overlords, Elenin doom crap, you guys are missing the one conspiracy that actually is REAL.

You know, about the Elite circles who have wealthy and influence far beyond just.....wealth and influence.

The same people who put Bush in , are the same people who put Obama in. They don't care about America. They are international, and they are in the business of making MONEY.




It is so silly, you guys focus all your attention and hate on the PUPPET, just like they want you to.

Thank you left/right moran.
Clinton suspended the Glass/Steagell Act.