Skip to comments.Citi Firing 11,000
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 ...
Election do have consequences
Pardon my French its not my native language.
It’s what they voted for.
The new abnormal.
Vote for the marxist wind, reap the socialist whirlwind, Amerika.
A new term I heard in training class last month, "normalized deviation" seems to fit this increasing occurence.
All is well, panic not.
The King has no clothes.
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.
Does Zero Hedge have nobody editing their stuff? That fifth sentence in the opening paragraph is a doozy.
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.
“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.”
Source please? I’ve only been able to document 105,000.
ugg....me blameum Fake White Indian.
Citi profits about to be scalped. Ugg.
In our area citi banks were taken over by another local bank with money last month. I figured this was coming.
Part of the monsterbank cabal (Treasury enabling, globalist participant, dumping on their customers and rube investors (investing public)).
Douche Cannon Obama will find more!
...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?
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
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.
ZeroHedge is a financial blog and a good one at that.
http://www.cnbc.com/id/100233158 Citigroup Axes 11,000 Jobs, $1.1 Billion in Costs
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.
I know what it is—but they’ve some issues in editing on both content and style. This time on style.
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.
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%.