Posted on 12/05/2012 7:25:59 AM PST by ExxonPatrolUs
Citigroup Inc. said it is cutting more than 11,000 positions, as a part of repositioning actions, resulting in an estimated pre-tax charges of nearly $1 billion in the fourth quarter of 2012 and some $100 million of related charges in the first half of 2013.
Citi said it now expects the repositioning to generate $900 million of expense savings benefitting 2013 results and that the annual expense savings would exceed $1.1 billion annually beginning in 2014. Furthermore, the company anticipates that the actions would have a negative impact on annual revenues of less than $300 million.
The repositioning, which includes Institutional Clients Group, Global Consumer Banking, Citi Holdings, and Corporate/Other, is expected to result in the reduction of about 2,300 positions that support corporate services, real estate, and Citi Holdings, and roughly 300 Global Functions positions.
Obama’s Amerika
Memo from the White House...”Just wait until after the elections then you can lay off as many as you want.”
sometimes schadenfreude about obama’s madmade economic disaster sucks
This is another 11,000 families who won’t be having such a Merry Christmas while Jug Ears slurps on Shave Ice
sometimes schadenfreude about obama’s madmade economic disaster sucks
This is another 11,000 families who won’t be having such a Merry Christmas while Jug Ears slurps on Shave Ice
Elections Have Consequences
But I imagine Boehner will get the blame.
This is another Obama story that makes me giggle. You know how many of the Citi workers voted for Obama. Yes way more then half. Elections have consequences! The MSM will not be able to hide the huge recession we are heading for early next year.
Perhaps they might say...”Wait a damn minute! I voted for Obama and now I get layed off?...Oh well, Obama will soak everyone else to keep me afloat.”
Here is where I think many Americans get their view about the Evil Rich and I’m not really sure how to combat it. And I will add that I may be all wet on my theory because I probably know just enough about the Elite Tier in the business field to be dangerous so please flame away if I am wrong.
In my estimation, many more businesses a few decades ago were privately held. Through the years, this has all changed. Now, these businesses are bought and sold like commodities and the shareholders demand a profit. More short-term decisions are made by Board members than long-term decisions and these decisions are not with their employees’ interests in mind, but those of the Board. A certain profit margin MUST be met! - even if that means massive layoffs or shipping work overseas.
What kills me is WHY did these companies not come out EN MASSE on the news daily BEFORE the election and use some of their lobbying power to go after Obama’s second term “vision”? Are they in on it too?
I think because of laws like Sarbanes Oxley and Dodd Frank it has become more desirable for a publicly traded company to go private and avoid government scrutiny. The odd thing about private capital investment like Bane Capital and Blackrock and the like is that they are almost entirely funded by public sector retirement dollars. The idiots who support Obama are cutting their own throats and will be taxed as they enter retirement as the top 1%. One is either all in with capitalism all out of capitalism. And so the devisive rhetoric only slams on the breaks and takes us all over the brink. Too bad there will never be enough wealth to tax to support the exponential increases in spending we beg for.
“What kills me is WHY did these companies not come out EN MASSE on the news daily BEFORE the election and use some of their lobbying power to go after Obama’s second term “vision”? Are they in on it too?”
Don’t you get it yet?
It’s not a story/scandal if the news does not report it./S
That having been said, the Feds are nationalizing the banking industry. I am in it and I know whereof I speak....just saying.
This is exactly the problem. We no longer have free capitalism. Large corporations control the ball and employees do not have the chance to jump to a competitor. I am a conservative, however I think a law should be passed to force all companies to shares the profits equally with the employees. Something like 10%. That way everyone could share. At our company we are beat on to cut costs and work many unpaid hours of overtime. For what? So some investor who sits on their ass can reap a 10% gain on the stock price?
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