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Citi Firing 11,000
Zero Hedge ^

Posted on 12/05/2012 6:38:28 AM PST by Perdogg

Big news ahead of this Friday's NFP report:

•CITI TO CUT OVER 11,000 JOBS, TAKE PRETAX CHARGE $1B IN 4Q "Sandy's fault?" or better yet, "Vikram's fault." Or maybe the economy is collapsing despite all the propaganda one is spoonfed. Considering the recent termination of over 50,000 by UBS we think we know the answer. And while C stock may jump on the news, the end result is that New York and the US have both just lost 11,000 less key taxpayers most of whom are almost certainly in the $250,000+ bucket. That said we can't wait for the BLS to take this data as somehow beneficial for the unemployment rate.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: citi; layoffs

1 posted on 12/05/2012 6:38:31 AM PST by Perdogg
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To: Perdogg

Unexpected.


2 posted on 12/05/2012 6:41:00 AM PST by fatnotlazy
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To: Perdogg
we are over a Million Job losses now sense the election.

Election do have consequences

3 posted on 12/05/2012 6:41:30 AM PST by scooby321 (AMS)
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To: scooby321

BUSH’S FAULT!


4 posted on 12/05/2012 6:42:35 AM PST by Wyrd bi ful ard (Gone Galt, 11/07/12)
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To: Perdogg
"Apres moi le deluge'" Obama

Pardon my French its not my native language.

DC

5 posted on 12/05/2012 6:43:42 AM PST by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: Perdogg

It’s what they voted for.


6 posted on 12/05/2012 6:44:48 AM PST by ILS21R (Everything... IS... a conspiracy)
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To: Don Corleone

The new abnormal.


7 posted on 12/05/2012 6:46:03 AM PST by yobid ("Because there's a conflict in every human heart....And good does not always triumph.")
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To: Perdogg

Vote for the marxist wind, reap the socialist whirlwind, Amerika.


8 posted on 12/05/2012 6:47:00 AM PST by OB1kNOb (On November 6th liberty was given the death penalty in America.)
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To: Perdogg
Doesn't matter, as long as arrogant morons like Letterman with a network soapbox tells the intellectually lazy masses that Obama is the best thing since sliced bread. We truly live in an incredibly superficial society. Nice to know that all those who died in WWII, and the 10s of thousands of young people who died in Vietnam fighting to prevent the spread of communism made the ultimate sacrifice so that a large swath of American society could live off the government and people could numb their brains watching idiots like Letterman do ‘stupid dog tricks’. What a waste.
9 posted on 12/05/2012 6:49:50 AM PST by pieceofthepuzzle
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To: yobid
The new abnormal.

A new term I heard in training class last month, "normalized deviation" seems to fit this increasing occurence.

10 posted on 12/05/2012 6:51:29 AM PST by OB1kNOb (On November 6th liberty was given the death penalty in America.)
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To: Perdogg
Not Fired. Released ! Released into the great economy of King Obama !

All is well, panic not.

The King has no clothes.

11 posted on 12/05/2012 6:52:24 AM PST by Newbomb Turk (Hey Newbomb, where's your brothers ElCamino ?)
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To: Perdogg

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.


12 posted on 12/05/2012 6:54:34 AM PST by Plumres
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To: Perdogg

Does Zero Hedge have nobody editing their stuff? That fifth sentence in the opening paragraph is a doozy.


13 posted on 12/05/2012 6:57:42 AM PST by 9YearLurker
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To: Perdogg
Sandy Weill built Citi into an uncoordinated monster. The pieces never really did fit properly but the economy and momentum hid the problems.

The smart thing for Citi to do is an organized break up, selling off the unprofitable and/or unwieldly pieces to right size the place.

14 posted on 12/05/2012 7:01:33 AM PST by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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To: Perdogg

“We have identified areas and products where our scale does not provide for meaningful returns,” Corbat said in a statement from the company. “We will further increase our operating efficiency by reducing excess capacity and expenses,” he added.”


15 posted on 12/05/2012 7:02:08 AM PST by KeyLargo
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To: scooby321

Source please? I’ve only been able to document 105,000.


16 posted on 12/05/2012 7:07:54 AM PST by null and void (Going Galt: The won't of the people)
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To: Perdogg

ugg....me blameum Fake White Indian.
Citi profits about to be scalped. Ugg.


17 posted on 12/05/2012 7:09:29 AM PST by Buckeye McFrog
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To: scooby321
we are over a Million Job losses now sense the election.

All the better to roll the GOP out of the House in two years when they "obstruct" Obama's proposal for a big Federal Emergency Jobs Program (NRA 2.0)


18 posted on 12/05/2012 7:11:16 AM PST by Buckeye McFrog
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To: Perdogg

In our area citi banks were taken over by another local bank with money last month. I figured this was coming.


19 posted on 12/05/2012 7:13:50 AM PST by Chickensoup (Leftist Totalitarian Fascism coming to a country like yours.)
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To: Perdogg

Part of the monsterbank cabal (Treasury enabling, globalist participant, dumping on their customers and rube investors (investing public)).


20 posted on 12/05/2012 7:15:01 AM PST by PieterCasparzen (We have to fix things ourselves)
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To: Newbomb Turk

Douche Cannon Obama will find more!


21 posted on 12/05/2012 7:16:56 AM PST by AngelesCrestHighway
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To: Perdogg

...both just lost 11,000 less key taxpayers most of whom are almost certainly in the $250,000+ bucket....

Wild, unsubstantiated speculation.

And poorly worded. How do you lose 11,000 “less” key taxpayers?


22 posted on 12/05/2012 7:20:27 AM PST by BlueYonder
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To: scooby321

where do you get that number?

not to worry it’s only another 11,000 bumps in the road

warren puffitt says it doesnt matter anyhoo-investors gonna invest and create more jobs even if barry take 50% of their income


23 posted on 12/05/2012 7:42:36 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: silverleaf

Most, if not all, of Buffet’s income is capital gains not earned income. Unless the capital gains rate is raised to 50%, which is highly unlikely, Buffet couldn’t care less.


24 posted on 12/05/2012 8:00:31 AM PST by ELS (Vivat Benedictus XVI!)
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To: 9YearLurker

ZeroHedge is a financial blog and a good one at that.


25 posted on 12/05/2012 8:02:15 AM PST by Rusty0604
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To: null and void

http://www.cnbc.com/id/100233158 Citigroup Axes 11,000 Jobs, $1.1 Billion in Costs


26 posted on 12/05/2012 8:04:53 AM PST by Rusty0604
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To: Rusty0604; scooby321

That’s nice. Where are the other 989,000 lost jobs that scooby321 is claiming?

I don’t doubt him, I just want a source as I’ve only been able to document 105,000.


27 posted on 12/05/2012 8:10:34 AM PST by null and void (Going Galt: The won't of the people)
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To: Rusty0604

I know what it is—but they’ve some issues in editing on both content and style. This time on style.


28 posted on 12/05/2012 8:26:21 AM PST by 9YearLurker
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To: Perdogg
Not so good for Citi employees.

But lovely for Citi stockholders. As of noon EST, Citi (NYSE:C) is trading at 36.18, up 1.89 (or 5.51%) for the day.

This is a microcosm of the state of the domestic economy under Obama. People who work (or who want to work) for a living are in serious trouble; investors have generally been faring quite well.

29 posted on 12/05/2012 9:09:47 AM PST by southernnorthcarolina ("Better be wise by the misfortunes of others than by your own." -- Aesop)
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To: Perdogg
Huh?......11,000 employees being laid off "most of whom are almost certainly in the $250,000+ bucket.

I don't think the author knows much about Citibank, or the banking industry in general. He's operating under the same misperceptions as those who rail against the 1%.

30 posted on 12/05/2012 9:16:20 AM PST by Mase (Save me from the people who would save me from myself!)
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