Skip to comments.Citigroup planning major job cuts: report
Posted on 11/26/2007 6:06:59 AM PST by Fitzcarraldo
Monday November 26, 8:34 am ET
NEW YORK (Reuters) - Citigroup (NYSE:C - News), the No. 1 U.S. bank by assets, is planning major job cuts over the coming months, CNBC television reported on Monday. CNBC said that no exact number had yet been set, though some jobs were already being eliminated. It estimated that the cuts could total anywhere between 17,000 and 45,000.
Citigroup officials were not immediately available for comment.
(Reporting by Christian Plumb, editing by Dave Zimmerman)
45,000 job cuts?
I didn’t know they even had that many people. That is one massive job cut (but thank god Prince got his $10M bonus for a job well done)
(They same for Levi jeans - Wrangler all the way!)
Karma is a good thing.
You’d think they would need some of those folks to chase down the actual mortgages that were bundled and sold off.
A couple of recent foreclosure cases have been tossed out because the Mortgage holder could not prove ownership as the single mortgage was in a ball of 150 million dollars in mortgages.
"Uh, ok, what I meant was, the subprime mortgage problem will be 'contained' to a couple of hundred billion dollars of actual defaults, AND no more than a million jobs lost, in the finance industry."
—rename it “Citicorpse”—??
Is that Robert Rubin-ville?
Are they being cut, or shipped to India?
My best friend is married to a former Shitibank employee. He just lost his job at the end of September; he was in their IT/security division. They shipped his job to India -- after they flew the Indian techs over to be trained by the guys who were being laid off. Their severance was linked to their training of their replacements, too.
Ah yes, the old “ship every American job to India” ploy being taught in every MBA program. Intellectually lazy at best...
Oh gosh, I mean to put that $ sign in parenthesis. Now it just looks like I meant 45,000 dollars. hehe
In all seriousness, if I were you I’d close your account immediately. One cashier’s check, thank you and good-bye.
I’ve never heard of a major bank with a $2000/day limit on withdrawals. It’s even more ominous that that’s the limit on transfers as well.
Back in July or so when a couple of those hedge funds started to limit withdrawals and transfers, they were bankrupt within a couple of weeks.
Are they going to give them each a $100 million like they did with the CEO? They probably did less damage.
Don’t forget Bernanke. He was also doing the same song and dance.
Much obliged. Another candidate for the Mount Rushmore of subprime crisis denial would be the Mozillo guy from Countrywide. He said something like “we never saw this coming” — in July.
| Maybe if those guys
spent less time with Maria
they'd still be solvent!
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