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Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge
New York Times ^ | 12/05/2012 | JESSICA SILVER-GREENBERG

Posted on 12/05/2012 9:51:56 AM PST by SeekAndFind

Edited on 12/05/2012 10:08:15 AM PST by Admin Moderator. [history]

Citigroup announced on Wednesday that it would cut 11,000 jobs, reducing its work force by roughly 4 percent in an effort to cut costs.

Under the reduction, 1,900 jobs will be eliminated in the institutional clients division. Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group.


(Excerpt) Read more at dealbook.nytimes.com ...


TOPICS: Breaking News; Business/Economy; Culture/Society
KEYWORDS: citigroup; jobs; layoffs
NEW CEO, NEW LAYOFFS....
1 posted on 12/05/2012 9:52:03 AM PST by SeekAndFind
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Comment #2 Removed by Moderator

To: SeekAndFind

Welcome to Obamaland!


3 posted on 12/05/2012 9:55:41 AM PST by fatnotlazy
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To: SeekAndFind

This is a TBTF Rockefeller bank.


4 posted on 12/05/2012 10:05:01 AM PST by Zuben Elgenubi
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To: SeekAndFind

The NYTimes is excerpted for a reason. That doesn’t mean you get to post more of it in subsequent replies. Don’t do it again


5 posted on 12/05/2012 10:10:02 AM PST by Admin Moderator
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To: SeekAndFind

Dang. I guess this year’s bonuses will only be 7 figures. Tough times.


6 posted on 12/05/2012 10:12:18 AM PST by Wolfie
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To: SeekAndFind

So glad that the private sector is doing just fine!


7 posted on 12/05/2012 10:18:18 AM PST by Nevermore (...just a typical cracker, clinging to my Constitutional rights...)
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To: SeekAndFind

But, but, but obama was re-elected - “this was the moment when the rise of the oceans began to slow and our planet began to heal...” Or, maybe that BS!


8 posted on 12/05/2012 10:26:19 AM PST by areukiddingme1 (areukiddingme1 is a synonym for a Retired U.S. Navy Chief Petty Officer and tired of liberal BS.))
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To: SeekAndFind
Take $1 Billion Charge

Sometimes, taking a charge can be a good thing, even if it hurts.

9 posted on 12/05/2012 10:40:41 AM PST by TruthShallSetYouFree (July 4, 1776: Declaration of Independence. Nov 6, 2012: Declaration of Dependence. R.I.P. America.)
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To: SeekAndFind
Wow, it’s a good thing they saved the banks or a lot more people would be out of work. /sarc
10 posted on 12/05/2012 10:48:56 AM PST by Rashputin (Jesus Christ doesn't evacuate His troops, He leads them to victory.)
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To: SeekAndFind

FORWARD


11 posted on 12/05/2012 10:59:27 AM PST by Vaduz
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To: Vaduz

Maybe the Cat that harassed and stalled on the loan modification will feel the same heat! 2 years of Bull because of lost documents and failed promises!
Couldn’t happen to a nicer group of employees!
I’m elated!


12 posted on 12/05/2012 11:29:29 AM PST by Conserev1
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To: SeekAndFind

the CEO is in way above his head. He ran European banking for all of 6 months. Before that, he ran the “bad bank” and that fiasco is still sitting with ~$400B of bad assets. It is understatement to say that this guy is pompous...no self-respecting man would have a portrait made of himself that he did, the posed picture that is always published of him.


13 posted on 12/05/2012 11:51:49 AM PST by Raster Man
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To: SeekAndFind
ObaMao’s fav bank to sue - from the community organizer/ACORN days.

Citi was the first major bank to be sued for not making mortgage loans to people who had no money (Community Reinvestment Act - CRA). Guess who led the charge to create the global subprime collapse...

14 posted on 12/05/2012 11:53:15 AM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: Raster Man
Since Fannie/Freddie/Fed assumed almost all of the non-performing mortgage loans (much from Countrywide), the $400B must be revolving credit... If that's the case, WOW!
15 posted on 12/05/2012 11:59:54 AM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: uncommonsense

RE: ObaMao’s fav bank to sue - from the community organizer/ACORN days

For those who don’t know...

http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans/

EXCERPT:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama worked on as an attorney for the lead plaintiff.

Since the mortgage bubble burst, some of his former clients are calling for a policy reversal.

“If you see some people don’t make enough money to afford the mortgage, why would you give them a loan?” asked Obama client John Buchanan. “There should be some type of regulation against giving people loans they can’t afford.”

Banks “were too eager to lend to many who didn’t qualify,” said Don Byas, another client who saw banks lurch from caution to bubble-inflating recklessness.


16 posted on 12/05/2012 12:36:00 PM PST by SeekAndFind
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To: SeekAndFind
Great post. Everyone needs to know ObaMao has been part of the globalist system since he was old enough to roll a blunt.
17 posted on 12/05/2012 2:19:53 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: SeekAndFind

Ping


18 posted on 12/05/2012 2:44:03 PM PST by MercedesB (no comment)
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