Citigroup to slash 11,000 jobs

[Pointgold]

Citigroup Inc. (C), the third-biggest U.S. bank, said it will take a pretax charge of about $1 billion this quarter as part of a plan to eliminate more than 11,000 jobs.

“These actions are logical next steps in Citi’s transformation,” Chief Executive Officer Michael Corbat said today in a statement. “While we are committed to -- and our strategy continues to leverage -- our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns.

The plan will eliminate about 1,900 jobs in the institutional clients group, New York-based Citigroup said. It’s intended to ‘‘improve overall productivity in our markets business, especially in areas experiencing continued low profitability, such as cash equities.’’

About 6,200 jobs will come from the global consumer banking business at the company, Citigroup said. An additional 2,600 jobs will be eliminated in the operations and technology group and global functions.

http://www.bloomberg.com/news/2012-12-05/citigroup-to-take-1-billion-charge-cut-11-000-jobs.html

 

[cawacko]

Are you an investor?

 

[christiefan915]

Citigroup Inc. (C), the third-biggest U.S. bank, said it will take a pretax charge of about $1 billion this quarter as part of a plan to eliminate more than 11,000 jobs.

“These actions are logical next steps in Citi’s transformation,” Chief Executive Officer Michael Corbat said today in a statement. “While we are committed to -- and our strategy continues to leverage -- our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns.

The plan will eliminate about 1,900 jobs in the institutional clients group, New York-based Citigroup said. It’s intended to ‘‘improve overall productivity in our markets business, especially in areas experiencing continued low profitability, such as cash equities.’’

About 6,200 jobs will come from the global consumer banking business at the company, Citigroup said. An additional 2,600 jobs will be eliminated in the operations and technology group and global functions.

http://www.bloomberg.com/news/2012-12-05/citigroup-to-take-1-billion-charge-cut-11-000-jobs.html

And?

 

[canceled.2021.1]

And?

The successes of your boy Obuttmunch keep piling up



I love it

 

[Bonestorm]

I love that the implicit notion that the President is not only responsible for the state of the economy, but is also responsible for the hiring and firing decisions of individual firms.

 

[christiefan915]

The successes of your boy Obuttmunch keep piling up



I love it

I read the entire article and don't see the word "Obama" in it. Perhaps you can point it out.

 

[cawacko]

I love that the implicit notion that the President is not only responsible for the state of the economy, but is also responsible for the hiring and firing decisions of individual firms.

To play devils advocate there are examples such as a President signing legislation to close a naval base which would have a direct impact on workers losing jobs at that base. However that is the exception and far from the rule.

From a political perspective though look what happens when job numbers come out each quarter. If jobs meet or beat expectations your hear 'the President's economic plans are working'. If they are lower than expectations or negative you hear 'the President's economic plans aren't working'.

I do agree it's silly to pick an individual firm like Citigroup laying off 11,000 people and using it to make some bigger statement. If that is the person's goal at least use the aggregate quarterly numbers.