Skip to comments.Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge
Posted on 12/05/2012 9:51:56 AM PST by SeekAndFindEdited on 12/05/2012 10:08:15 AM PST by Admin Moderator. [history]
Citigroup announced on Wednesday that it would cut 11,000 jobs, reducing its work force by roughly 4 percent in an effort to cut costs.
Under the reduction, 1,900 jobs will be eliminated in the institutional clients division. Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group.
(Excerpt) Read more at dealbook.nytimes.com ...
Welcome to Obamaland!
This is a TBTF Rockefeller bank.
The NYTimes is excerpted for a reason. That doesn’t mean you get to post more of it in subsequent replies. Don’t do it again
Dang. I guess this year’s bonuses will only be 7 figures. Tough times.
So glad that the private sector is doing just fine!
But, but, but obama was re-elected - “this was the moment when the rise of the oceans began to slow and our planet began to heal...” Or, maybe that BS!
Sometimes, taking a charge can be a good thing, even if it hurts.
Maybe the Cat that harassed and stalled on the loan modification will feel the same heat! 2 years of Bull because of lost documents and failed promises!
Couldn’t happen to a nicer group of employees!
the CEO is in way above his head. He ran European banking for all of 6 months. Before that, he ran the “bad bank” and that fiasco is still sitting with ~$400B of bad assets. It is understatement to say that this guy is pompous...no self-respecting man would have a portrait made of himself that he did, the posed picture that is always published of him.
Citi was the first major bank to be sued for not making mortgage loans to people who had no money (Community Reinvestment Act - CRA). Guess who led the charge to create the global subprime collapse...
RE: ObaMaos fav bank to sue - from the community organizer/ACORN days
For those who don’t know...
President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.
As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.
The startling failure rate among Obamas private sector clients was discovered during The Daily Callers review of previously unpublished court information from the lawsuit that a young Obama worked on as an attorney for the lead plaintiff.
Since the mortgage bubble burst, some of his former clients are calling for a policy reversal.
If you see some people dont make enough money to afford the mortgage, why would you give them a loan? asked Obama client John Buchanan. There should be some type of regulation against giving people loans they cant afford.
Banks were too eager to lend to many who didnt qualify, said Don Byas, another client who saw banks lurch from caution to bubble-inflating recklessness.