Citi Firing 11,000

Zero Hedge ^

[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.

[fatnotlazy]

Unexpected.

[scooby321]

we are over a Million Job losses now sense the election.

Election do have consequences

[Wyrd bið ful aræd]

BUSH’S FAULT!

[Don Corleone]

"Apres moi le deluge'" Obama

Pardon my French its not my native language.

DC

[ILS21R]

It’s what they voted for.

[yobid]

The new abnormal.

[OB1kNOb]

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

[pieceofthepuzzle]

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.

[OB1kNOb]

The new abnormal.

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

[Newbomb Turk]

Not Fired. Released ! Released into the great economy of King Obama !

All is well, panic not.

The King has no clothes.

[Plumres]

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.

[9YearLurker]

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

[Jimmy Valentine]

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.

[KeyLargo]

“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.”

[null and void]

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

[Buckeye McFrog]

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

[Buckeye McFrog]

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)

[Chickensoup]

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

[PieterCasparzen]

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