Chronicles Of Depression 2.0: #415: CitiGroup 4

Citigroup to cut another 53,000 jobs

NEW YORK (AP) — Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.

The plans, posted on the company’s Web site, are being discussed by CEO Vikram Pandit at the company’s town hall meeting in New York Monday with employees.

The company said total headcount is being reduced by 20 percent from its peak of 375,000 at the end of 2007; the company had already announced in October that it was eliminating about 22,000 jobs from those levels. The total workforce reductions include thousands of jobs that will be lost when Citigroup completes the sale of Citi Global Services and its German retail banking business.

The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter. The company said that in addition to job cuts, it plans to lower expenses by about 20 percent, and that is has reduced its assets by more than 20 percent since the first quarter of the year.

Emphasis added by me.

And so CitiGroup finally begins to bleed the employees I’ve been expecting for months.

But notice what I wrote there: “begins.”

Before this is all over, they’ll shed over 150,000.

Wait and see.

Previously here:

Chronicles Of Depression 2.0: #412: CitiGroup 3
Chronicles Of Depression 2.0: #362: CitiGroup 2
Chronicles Of Depression 2.0: #342: CitiGroup
Chronicles Of Depression 2.0: #328: Endgame
Chronicles Of Depression 2.0: #223: CitiGroup Blinks
Chronicles Of Depression 2.0: #184
Chronicles Of Depression 2.0: #160
Chronicles Of Depression 2.0: #154
Chronicles Of Depression 2.0: #141
Finally! The CitiGroup Layoffs Begin!
No Wonder CitiGroup Is In Deep Shit
Chronicles Of Depression 2.0: #085
Chronicles Of Depression 2.0: #080
Chronicles Of Depression 2.0: #074
Chronicles Of Depression 2.0: #039
Chronicles Of Depression 2.0: #027
Chronicles Of Depression 2.0: #024
Chronicles Of Depression 2.0: #020
Chronicles Of Depression 2.0: #016
CitiGroup Is Sinking
What, You Thought It Was Over?
It’s Sunset In America
Masters Of Greed Enslaved By Greed

Explore posts in the same categories: Bank Collapse Watch, C.O.A.T. - Belief, C.O.A.T. - Money, C.O.A.T. - Scams, C.O.A.T. - Self-Defense, Depression 2.0

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