Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt. The New York-based bank, which has already reduced its assets by about 20 percent since the first quarter of the year, also plans to trim expenses by 19 percent in 2009 from third-quarter levels, to $50 billion. The plans, posted on the company's Web site, were discussed by CEO Vikram Pandit at the company's town hall meeting in New York Monday with employees. The company said it is shrinking its work force by 20 percent from its 2007 peak of 375,000. The company had already announced in October that it was eliminating about 22,000 jobs from that level. About half of the expected work force reductions will come from business sales; Citigroup already announced that it was selling Citi Global Services and its German retail banking business, accounting for about 18,000 jobs. Citi is planning to sell other businesses, too, but has not announced them yet, a spokesman said. The other half of the work force reductions will come from layoffs and attrition, the spokesman said. The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter. In an effort to instill confidence in the company, Citigroup emphasized in its presentation Monday that its Tier 1 capital ratio, a measure of financial strength, is 10.4 percent after a $25 billion investment from the government â?? part of the $700 billion financial rescue package passed by Congress last month. That ratio is higher than peers Bank of America Corp. and Wells Fargo & Co., after their purchases of Merrill Lynch and Wachovia Corp., respectively. Citigroup also stressed that it has doubled reserves in a year to $24 billion; that its revenues are stable; and that Citigroup has lower exposure to U.S. consumer mortgages than JPMorgan Chase & Co., Bank of America and Wells Fargo.
Funny - its stressing how much better it is than Wells Fargo, and just last month Citi and WF were going to blows over who got Wachovia. What I also find funny is them bragging about the fact that they doubled their reserves. By just a mere billion dollars less than their piece of the bailout pie...
If your visiting New York i would advise walking in the middle of the street into further.They can't reach the middle of the street when they land.
And they'll probably lay off low to midsized salaried employees, but the big wigs will still get their immorally high bonuses and perks.
Yes if you noticed they flew to the hearings in their private jet's.Last i checked amtrac and greyhould went to dc.Oh damn i forget they would have to mix with those people.You know who i mean they get that look when they see common folk.the look like they just smelled a turd.Hey they just got 25 billon where's that at.Oh by the way you can't see Honda's and Toyota" from 35,000 ft.
Those were the CEOs of the big three automakers flying in private jets from Detroit to DC. When one of the Senators asked which one of them would sell their jets right there in DC and fly back to Detroit on a commercial airline NONE of them raised their hands.
It would be hard to raise their hands.One is holding the tin cup ans the other is trying to get in the taxpayer's pocket.Let's face they will get their money.The least they could of done is fly on the same private jet.Oh how i would long for a stinger missle.lol
Hey Cap . . . where have you been? I always enjoyed your posts. In any event, please send me a PM. I need some help of a SEO nature and you seem pretty knowledgable.
There's no problem with Cap 1.His posts arn't meant to be personal.We've all been in a bad time,and sometimes we recieve posts we don't like,even when we think were right but were not and the law deals in black and white,right or wrong nothing in between.So welcome to the forum and keep posting because each post helps someone.
