Citigroup to cut 11.000 jobs. Just breaking. Recovery is great | |
Limpan (OP) User ID: 1474973 Sweden 12/05/2012 09:17 AM Report Abusive Post Report Copyright Violation | |
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Limpan (OP) User ID: 1474973 Sweden 12/05/2012 09:20 AM Report Abusive Post Report Copyright Violation | 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] |
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Anonymous Coward User ID: 25674130 United States 12/05/2012 09:22 AM Report Abusive Post Report Copyright Violation | |
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VeranidaeI'm User ID: 26743899 United States 12/05/2012 09:23 AM Report Abusive Post Report Copyright Violation | 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. |
Anonymous Coward User ID: 1015009 United States 12/05/2012 09:24 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 29096459 United States 12/05/2012 09:25 AM Report Abusive Post Report Copyright Violation | [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. |
Anonymous Coward User ID: 29134474 United States 12/05/2012 09:27 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 27235266 United States 12/05/2012 09:30 AM Report Abusive Post Report Copyright Violation | 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! |
Anonymous Coward User ID: 25674130 United States 12/05/2012 09:32 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 7768903 United States 12/05/2012 09:33 AM Report Abusive Post Report Copyright Violation | [link to www.bloomberg.com] Quoting: Limpan Citigroup Inc. (C), the third-biggest U.S. bank, said it will take a pretax charge of about $1 billion this quarter as part of a plan to eliminate more than 11,000 jobs. “These actions are logical next steps in Citi’s transformation,” Chief Executive Officer Michael Corbat said today in a statement. “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. [link to www.dailyjobcuts.com] Recovery 101 No Recovery |
Anonymous Coward User ID: 29096459 United States 12/05/2012 09:33 AM Report Abusive Post Report Copyright Violation | |
samanthasunflower User ID: 14930415 United States 12/05/2012 09:35 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 18951906 United States 12/05/2012 09:37 AM Report Abusive Post Report Copyright Violation | 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. |
BossPickupTrucks User ID: 2530630 United States 12/05/2012 09:37 AM Report Abusive Post Report Copyright Violation | |
SomaComatose User ID: 29133581 United States 12/05/2012 09:37 AM Report Abusive Post Report Copyright Violation | 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 Mister Shadow on 12/05/2012 09:40 AM ''Too many good docs are getting out of the business. Too many OB-GYNs aren't able to practice their love with women all across this country.'' —President George W. Bush, Sept. 6, 2004 |
Question EVERYTHING Traveler In The Matrix User ID: 29020415 United States 12/05/2012 09:39 AM Report Abusive Post Report Copyright Violation | Scum of the earth... First they ignore you, then they laugh at you, then they fight you, then you win. ~ Mahatma Gandhi "Always, at every moment, there will be the thrill of victory, the sensation of trampling on an enemy who is helpless. If you want a picture of the future, imagine a boot stamping on a human face—forever." ~ George Orwell "The exact level of tyranny that you're going to live under, is the level of tyranny you put up with." ~Thomas Jefferson "All tyranny needs to gain a foothold is for people of good conscience to remain silent. ~ Thomas Jefferson |
Anonymous Coward User ID: 2712120 United States 12/05/2012 09:40 AM Report Abusive Post Report Copyright Violation | |
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Anonymous Coward User ID: 23182389 United States 12/05/2012 09:45 AM Report Abusive Post Report Copyright Violation | Look, Quoting: SomaComatose 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. :Bullshit33: Typical libtard lies as usual. |
DarthDickheadus:AmericanSith User ID: 1503533 United States 12/05/2012 09:46 AM Report Abusive Post Report Copyright Violation | Citi is big into the student loan bullshit. (GLP aka American Jedi) Listen here you beautiful bitch, I'm about to fuck you up with some truth. Kenny Powers If you steal the dreams of others long enough, sooner or later you'll end up in a nightmare. American Jedi Intellectuals solve problems, geniuses prevent them. Albert Einstein Satis Eloquentiae, Sapientiae Parum.... "The last of the old?" "No, the first of the new." |
Anonymous Coward User ID: 7422178 United States 12/05/2012 09:46 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 14564403 United States 12/05/2012 09:46 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 7422178 United States 12/05/2012 09:47 AM Report Abusive Post Report Copyright Violation | Look, Quoting: SomaComatose 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. |
Anonymous Coward User ID: 27800002 United States 12/05/2012 09:48 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 801546 United States 12/05/2012 09:48 AM Report Abusive Post Report Copyright Violation | 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. |
Anonymous Coward User ID: 28372437 United States 12/05/2012 09:55 AM Report Abusive Post Report Copyright Violation | Look, Quoting: SomaComatose 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. Thank you left/right moran. Clinton suspended the Glass/Steagell Act. |