Skip to comments.Citi cuts 4,500 jobs, will take $400 million charge (Ooops, not taking Teddy Obama's advise)
Posted on 12/06/2011 3:23:14 PM PST by tobyhill
Citigroup Inc (C.N) is cutting 4,500 staff positions worldwide and the bank expects to record a $400 million charge related to the job cuts, Chief Executive Vikram Pandit said on Tuesday.
Pandit, speaking at the Goldman Sachs Financial Services Conference, said the bank's expense reduction plan generated $1.4 billion in savings so far this year, nearly 4 percent of the bank's $37.72 billion of operating expenses in the first three quarters.
(Excerpt) Read more at reuters.com ...
Change! Change we can BELIEVE in!
Must have been because of all those OWS protesters. Because they have so much influence dontchaknow.
They’ve been laying off people for years; a friend that was let go described how they trained replacements from Manila (or you wouldn’t get a severance package).
Thankfully Obama is rectifying this problem. /s