Citigroup planning major job cuts: report »
Posted by: engineer 8 months, 3 weeks agoCitigroup, 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.
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texangelwings8 months, 3 weeks ago
The economy is good, if one has a job that pays $400k a year annual salary, zero healthcare expenses, transportation and household budget/allowance paid for by others. The economy would look pretty good.
The economy is only as good as, the annual income each individual is trying to survive with, after taxes, SS, and daily rising costs of living expenses.
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mesodude8 months, 3 weeks ago
Um, err... Whadda ya mean? The economy is fantastic. And...Oohhh... Look! Over there... It's Hillary Clinton. ;-)
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GHOSTWHOWALKS8 months, 3 weeks ago
Wanna bet these cuts will be on the bottom up instead of the top down? Hold onto your horse, it's going to get rough.
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wallyone8 months, 3 weeks ago
you mean it is going to get a lot rougher.. this is not the end of the beginning nor the beginning of the end but merely the beginning. way to go georgie boy, allan and ben, you've done a heck of a job
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willottica8 months, 3 weeks ago
A lot of smiling going on on this thread... which is pretty pathetic. Congratulations, you were right and the recession deniers were wrong. What are you so happy about? The country is in recession! 17-45 thousand Americans will lose their jobs (from this company alone). Well done. Let's celebrate how right we were!
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mesodude8 months, 3 weeks ago
I'm sure you care as much about those people as you care about the 10 million kids the GOP blocked from getting health insurance earlier this month. It's not funny that the economy sucks. It's funny that the economy sucks and those on the right have continued to lie through their teeth in support of their hero Bush. To their way of thinking, the ship might be sinking but they'll deny it 'til the bitter end if it means defending their extremely poor judgement in electing George Bush twice. Boo-hoo...
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abntv8 months, 3 weeks ago
I would hardly call a person 25 years old a kid. Trying to push thru legislation for deserving kids by adding in money for those outside the original purpose is wrong and never should have been tried...if they had just sumitted a renewal of the program it would have been approved...instead the Dems threw the baby out with the bathwater.
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wallyone8 months, 3 weeks ago
there are still recession deniers.. people have been predicting this outcome for a year or more but no one listened.. so the recession deniers in my opinion should be reminded every day that they were wrong.. just like the 911 deniers of the demolition theory should be reminded every day that they are wrong.
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NelsonR8 months, 3 weeks ago
Had a conversation with a driver who delivers trusses for home construction in California. Everyone was laid off and are on unemployment now and my question, knowing this is not an anomaly, why are the unemployment figures staying static when we all know its a sham?
Same with the inflationary rate. It seems the government is telling you everything is going fine with barely any increase in prices. Am I living on another planet?
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engineer8 months, 3 weeks ago
Because they only count those collecting. When they reduced the number of weeks from 52 to 26, the unemployment rate went down. also part time jobs count. they also do not look at whether the jobs are living wage. If a person lost a good paying job and it was replaced with A McJob or Wal*mart job, it is not figured in.
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saneman8 months, 3 weeks ago
As stated by investopedia, Alwaleed bin Talal, a Saudi billionaire who owns 4% of the stock in citigroup told CEO Charles Prince to make cuts now. In addition, "in 2006, CEO Prince walked away with more than a $13 million bonus. And collectively, the rest of the senior executive team pocketed more than $27 million in bonuses on top of what I can assure you are generous base salaries, and handsome stock option awards."
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pongping8 months, 3 weeks ago
I'll bet despite the CEO leaving recently, there will still be some big bonuses paid here.
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markmawn28 months, 3 weeks ago
Is anyone surprised? Bubbles lead to Busts. No exceptions.
It's ENRON 2.0. They all should have known better than to allow careless financing practices. WAMU already confessed to it.
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NelsonR8 months, 3 weeks ago
The question then becomes will our government continue the charade by propping up the Banks again as they did in the 90s? Printing phony money is an art that can be perpetual until the citizens realize the gig is up.
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eugenegerard8 months, 3 weeks ago
There is a much larger story here. This is just the tip of the iceberg. GOOGLE---Wanta, and you may find out what really happened to Citigroup.
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canadianrancher578 months, 3 weeks ago
Your government is just like ours up here, they tell us what we are supposed to hate and they tell us what we are supposed to like. On the hate side it's terrorists and closed borders, on the like side its capitalism, free trade, multinationals and open bordes. We are never supposed to say anything bad about multinational corporations but thy move from country to country raping the people wherever they go. people feel secure that they have a job with a really big company and then these companies make a deal with a government in another country and they'er gone in the night.
When it comes to government reporting on the economy they tell us exactly what we wnt to hear whether it's the truth or not, have you noticed how many time they revise their numbers, and if that still doesn't give the right picture they just leave things out.
Booming economy and no inflation, YEA RIGHT wonder what drugs they're using.
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KYRed8 months, 3 weeks ago
So, I suppose with the cuts in jobs and thus the less money needed to spend on labor expense, I'll get a reduction in my interest rate?
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NelsonR8 months, 3 weeks ago
Our savings rates never seem to rise especially when you see a government continually cutting the prime which makes the dollar less attractive to investors. Volker was the primary driving force behind it yet he now bemoans the present state of affairs, thats what is unbelievable.
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augustine9748 months, 3 weeks ago
The financials turning down has always been a precurser to major market correctiions and rebounds...they are the first to turn down, and then lead a market upturn...I think things have a ways to go tho...
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getreal18 months, 3 weeks ago
No matter, what the news reports about the economy, when I look at the survival situation and what it is taking to survive, no one can convince me the economy is doing an upswing. I am not alone.
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saneman8 months, 3 weeks ago
As reported in the money and finance section this morning:
"The Abu Dhabi Investment Authority will invest $7.5 billion in Citigroup, offering the nation's largest bank needed capital to offset big losses from mortgages and other investments."
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saneman8 months, 3 weeks ago
What's worse, illegals entering this country or foreign investors taking over the largest U.S. bank or are they equally bad? Whatever it may be, I hope this has a positive effect on the U.S. dollar, because the banks impose a lot of effect on the value of the dollar and with a weak dollar, the cost of oil keeps rising.
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getreal18 months, 3 weeks ago
saneman You are a patent Attorney, You know for a fact that there are ways already invented to get around without the use of so much oil. Some one with the knowledge needs to give up the greed in order to have a better world. It would be wonderful and a great love of Country, if it started right here in America.
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saneman8 months, 3 weeks ago
Tesla is a prime example. He had invented a car which ran totally on electricity without it ever having to be plugged in. Unfortunately, when he died that technology was confiscated by the government. Not even his own heirs have been able to recover those documents. Of course, not all inventions are patented. The states also have trade secret laws which also protects people's inventions. Most large companies don't want to disclose in patents those trade secrets. There have been many patents issued for various forms of alternative fuels. I once patented a new fuel injector which supposively increased mileage by 50%. Unfortuantely, most inventors lack the funds to pursue their inventions and become frustrated as a result and end up doing nothing with them.
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nostalgia8 months, 3 weeks ago
"Citigroup, Inc., the nation's largest bank, projects its third-quarter profit will drop 60 percent after taking losses of more than $3 billion as a result of writing down securities backed by underperforming mortgages and loans tied to corporate buyouts."
"Citigroup said third-quarter revenue will be about the same as in 2006. But it will write down about $1.4 billion of its $57 billion portfolio of leveraged loans, lose about $1.3 billion on the value of securities backed by subprime loans, and lose $600 million in fixed-income credit trading, as the bank had trouble navigating market volatility."
They made some terrible decisions and are now paying for them
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nostalgia8 months, 3 weeks ago
Reuters
Monday November 26 2007
Poor risk management contributed to the recent departure of Citigroup CEO Chuck Prince.
From another article:
He "resigned" the same evening the bank announced that it will likely write down the value of its portfolio by another 8 billion U.S. dollars to 11 billion dollars in the fourth quarter.
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pongping8 months, 3 weeks ago
And now we find that CitiGroup is getting a 7.5 billion dollar cash infusion from a foreign government with rather unfavorable terms for stock. What a deal it must be for the buyer. They pay in devalued dollars and get CitiGroup to give them shares called equity units and require a dividend of 11% which is far above the normal 7% or so it normally pays for dividends.
Bet those bonuses still come!
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getreal18 months, 3 weeks ago
Saneman: Tesla, that name strikes a bell in my head. It is a stinking shame, this one invention could have kept this world environmentally safe to live in or in the least slowed up, what greed has done to this world. I know what it is to be a cheated heir. It is wrong that something for the good of man-kind be push aside for something that is of more hazard to the earth and life on it. We have some real sick puppies in our government. These very things invented could very well save our country from starvation and such, which I am told does not exist here. Of course the eye beholds another story.
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grahammcintyre6 months, 3 weeks ago
When I'm finished with this project, I'll delve into learning how to make my own article. http://around.******love.info
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