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Citigroup planning major job cuts: report
Reuters ^ | 26-Nov-2007 | Christian Plumb

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)


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: citi; layoffs
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1 posted on 11/26/2007 6:07:00 AM PST by Fitzcarraldo
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To: Fitzcarraldo

2 posted on 11/26/2007 6:08:02 AM PST by Fitzcarraldo
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To: Fitzcarraldo

WTF?
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)


3 posted on 11/26/2007 6:12:17 AM PST by tompster76
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To: Fitzcarraldo
Prolly wouldn't make a big difference, BUT maybe if they didn't donate so much money to GUN CONTROL GROUPS they'd have more money to pay employees.

(They same for Levi jeans - Wrangler all the way!)

4 posted on 11/26/2007 6:12:47 AM PST by Condor51 (Rudy has more baggage than Samsonite)
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To: Condor51

Karma is a good thing.


5 posted on 11/26/2007 6:13:59 AM PST by taxed2death (A few billion here, a few trillion there...we're all friends right?)
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To: tompster76

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.


6 posted on 11/26/2007 6:15:20 AM PST by padre35 (Conservative in Exile/ Isaiah 3.3)
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To: Fitzcarraldo

"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."

7 posted on 11/26/2007 6:26:50 AM PST by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: Fitzcarraldo; All

—rename it “Citicorpse”—??


8 posted on 11/26/2007 6:28:57 AM PST by rellimpank (--don't believe anything the MSM tells you about firearms or explosives--NRA Benefactor)
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To: Fitzcarraldo

????


9 posted on 11/26/2007 6:30:40 AM PST by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: Fitzcarraldo

Is that Robert Rubin-ville?


10 posted on 11/26/2007 6:31:37 AM PST by rod1
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To: Fitzcarraldo

$45,000???

Are they being cut, or shipped to India?


11 posted on 11/26/2007 6:34:28 AM PST by Southerngl
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To: Fitzcarraldo
They sent out email notices saturday regarding online banking with them - that you could only move up to $10,000 a month total ($2000 a day, 5 times a month only) out of citibank accounts to your linked other banks. Previously it had been $10,000 a day that could be moved online out of a citibank acct to another linked outside bank acct.
12 posted on 11/26/2007 6:38:29 AM PST by Esther Ruth
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To: Southerngl
Both.

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.

13 posted on 11/26/2007 6:44:44 AM PST by Malacoda (A day without a pi$$ed-off muslim is like a day without sunshine.)
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To: Malacoda

Ah yes, the old “ship every American job to India” ploy being taught in every MBA program. Intellectually lazy at best...


14 posted on 11/26/2007 6:59:57 AM PST by KC_Conspirator
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To: Southerngl

Oh gosh, I mean to put that $ sign in parenthesis. Now it just looks like I meant 45,000 dollars. hehe


15 posted on 11/26/2007 7:04:33 AM PST by Southerngl
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To: Esther Ruth

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.


16 posted on 11/26/2007 7:17:17 AM PST by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: Fitzcarraldo

Are they going to give them each a $100 million like they did with the CEO? They probably did less damage.


17 posted on 11/26/2007 7:30:28 AM PST by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: jiggyboy

Don’t forget Bernanke. He was also doing the same song and dance.


18 posted on 11/26/2007 7:31:11 AM PST by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: Moonman62

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.


19 posted on 11/26/2007 7:39:16 AM PST by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: Fitzcarraldo
>Citigroup planning major job cuts: report

Maybe if those guys
spent less time with Maria
they'd still be solvent!

20 posted on 11/26/2007 7:41:21 AM PST by theFIRMbss
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