Citigroup planning major job cuts-CNBC (estimated 17,000 - 45,000 jobs)

[UpInArms]

Source: Reuters

NEW YORK, Nov 26 (Reuters) - Citigroup (C.N: Quote, Profile, Research), 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.

Mike Hanretta, a spokesman for Citi, declined to comment.

Any layoffs would come as Citi wrestles with asset writedowns and looks for a new chief executive officer. Former CEO Charles Prince resigned on Nov. 4, the same day Citi said it may write off this quarter $11 billion of assets linked to subprime mortgages.

Read more: http://www.reuters.com/article/bondsNews/idUSN2638915920071126

[HughBeaumont]

1. Listen to that economy just HUM to a halt!

Go ahead, free trade supporters, I believe you were saying something funny about the US moving from a manufacturing to a service economy?

http://blog.cleveland.com/business/2007/11/thousands_apply_for_limited_jo.html

Combine it with the above story out of Cleveland and you have yet another whale of a problem caused, again, just like pretty much ALL problems of this country, by unbridled corporatism.

[antigop]

2. Vote for pro-corporate Democrats! Keep that economy humming! n/t

[HughBeaumont]

3. That number is SO disconcerting.

Those Citigroup jobs are ones that demand some kind of learned skill and degrees. That's 17 to 45 thousand skilled workers out of jobs. Someone tell me how this is positive news for anyone other than those who run Citigroup because I'm just not seeing it. How does the belief of "higher education means greater opportunities?" factor in here?

[antigop]

6. and add to that the number of people with skill/degrees whose jobs have been outsourced

or replaced with an h1-b visaholder.

Go, corporate Dems!

[ChairmanAgnostic]

10. the cleveland story is just as big

300 low pay wallmart jobs and and thousands apply. many thousands.

proof positive that the those who fall off the unemployment rolls are not properly categorized as no longer searching for work, but simply unemployed.
The games this admin has played with statistics is sickening.

watch the market applaud Citi's move.

[Angela Shelley]

4. Good for you, Hugh

[Xenotime]

5. 45k families that will be without a way to put food on the table...

Good job America!

[BadgerLaw2010]

7. Mmmm, Merry Christmas from Human Resources.

[onyourleft]

8. Isn't the head of Citi the same CEO who gave an...

...unchallenged orientation on the economy to our freshmen congress people?

[grahamhgreen]

9. They paid them well to scam Americans, and then fired them!

There is a difference between making money and scamming money.
Hopefully some of these people will turn states evidence against wrongdoing.

(from Wikipedia)

-Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia.

-In 2001, Citibank settled a lawsuit for improperly assessing late fees. The class action lawsuit was for 45 million dollars. Following this Citibank lobbied in Congress, to pass legislation that would limit class action lawsuits to 5 million dollars unless they were initiated on a federal level (Class Action Fairness Act of 2005). Many consumer advocate websites report that Citibank is still improperly assessing late fees.

-In May 2004, CitiFinancial was fined $70 million by the U.S. Federal Reserve, for continued predatory lending

-The firm eventually paid the largest fine in the "global settlement" with the state, resulting from conflicts of interest between research and investment banking at Salomon Smith Barney.

-Citigroup was accused of helping Enron and other companies hide their losses by loaning money to those companies in a special way that would reduce liabilities visible on the balance sheet. In May 2004 the company agreed to pay $2.65 billion, or $1.64 billion after tax, to settle a class action lawsuit brought on behalf of purchasers of WorldCom securities.

-Citigroup removed three senior executives in the wake of a banking scandal in Japan.

-Citigroup was criticized for disrupting the European bond market by rapidly selling €11 billion worth of bonds on August 2, 2004 on the MTS Group trading platform, driving down the price, and then buying it back at cheaper prices.

[OhioChick]

11. More US Jobs Going Down the Shitter.

Surprised this isn't on the front page.

K&R
:kick:

[Deja Q]

12. Will the executives lose their jobs?

They run the company and therefore should be held to some level of responsibility too. Right?

[HughBeaumont]

14. Ah, the joys of being rich in Bewshmerica.

It means you have carte blanche on almost everything - money, health care, housing, toys, crime, etc. It means NEVER being held accountable. It means NEVER having to say you're sorry. It means NEVER having to care about the untermensch or their hapless plight.

And more importantly, it means NEVER having an angry public storm your house and hang you upside down, because you know that people are simply too afraid of drastic change.

[lpbk2713]

13. Have a Merry fuggen BushCo Christmas {Sarcasm}

Just to put it in perspective ... This is like everyone in a small American city getting their termination notices all at the same time. The BushCo war on the Middle Class wins another one. The top brass at CitiGroup will get a nice fat Christmas bonus for doing such a good job.

[truthisfreedom]

15. OMG! How soon before some company announces layoffs of 100,000 people???

The MSM is responsible for the debacle which is bushco. We should be picketing their doors 24/7. We should be ringing their phones off the hook. We should be boycotting anyone who advertises via any medium that has supported their radical, disastrous policies.

[Sen. Walter Sobchak]

16. can they start with Primerica?

Those anal cysts call me several times a week!

[snappyturtle]

17. Hi Upinarms! I think this should be in General Discussion! It absolutely

knocked my socks off with those figures!

When is Washington going to understand and then come to grips with what is really happening throughout the country? Unreal. Thanks for posting.........I think!

[allisonthegreat]

18. Probably because they lent to much money...

To folks who couldn't pay it back!

[kurth]

19. Too bad Dr. Guillotine is dead