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Citigroup to Take $1 Billion
Charge, Cut 11,000 Jobs

Bloomberg News, by Donal Griffin

Original Article

Posted By:NorthernDog, 12/5/2012 9:12:33 AM

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. The plan will eliminate about 1,900 jobs in the institutional clients group, New York-based Citigroup said.

Comments:
Thousands more facing the unemployment line - and from this one company.

      


Post Reply  

Reply 1 - Posted by: Nimby, 12/5/2012 9:19:06 AM     (No. 9049546)

And it begins!

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Reply 2 - Posted by: Pearson365, 12/5/2012 9:30:19 AM     (No. 9049569)

This follows by one day the report that Elizabeth Warren was given a "plum" seat on the Senate Banking Committee. US banks opposed the election of this rich leftist and this appointment, and today´s announcement by C will be followed by more announcements. Banks will elimate employees, close US branches and shift focus to emerging market countries.. There are consequences in voting against economic growth and for more regulations, taxation and decline.

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Reply 3 - Posted by: GhostofChesterton, 12/5/2012 9:51:47 AM     (No. 9049631)

This is great news! The unemployment rate should drop by a half point with this kind of news! s/

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Reply 4 - Posted by: stablemoney, 12/5/2012 10:01:40 AM     (No. 9049647)

Citigroup is a criminal organization ran by the democrats that has been bailed out of bankruptcy by taxpayers 3 times.

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Reply 5 - Posted by: Safari Man, 12/5/2012 10:44:32 AM     (No. 9049776)

I am hoping all 11,000 voted for Obama.

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Reply 6 - Posted by: Packard Man, 12/5/2012 12:17:10 PM     (No. 9050034)

I´m surprised they´re still in business!

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Reply 7 - Posted by: NYBruin, 12/5/2012 12:17:51 PM     (No. 9050035)

This should cheer up the Occupy crowd!

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Reply 8 - Posted by: KTWO, 12/5/2012 2:19:26 PM     (No. 9050246)

Definitely a win-win for mankind.

It proves the Democrats and Obama are freeing us from the grip of rich bankers.

And the GOP will be pleased when it cuts the income taxes those bankers pay. i.e.when they are former bankers.

Then they will draw unemployment. That creates jobs. You can ask the CBO for its report about that.

Now if Michelle can only make them eat school lunches....

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