Not a member? Sign-up today! Sign In
This story has mostly positive ratings. 133 votes / 1 sink
Citigroup planning major job cuts: report
Careers & Jobs – Citigroup, the No. 1 U.S. bank by assets, is planning major job cuts over the coming months, CNBC television reported on Monday. CNBC said that no exact number had yet been set, though some jobs were already being eliminated. It estimated that the cuts could total anywhere between 17,000 and 45,000.
56)
Filter Comments ›
1 - 50 of 55 Comments by 27 members
Add Comment
A lot of smiling going on on this thread... which is pretty pathetic. Congratulations, you were right and the recession deniers were wrong. What are you so happy about? The country is in recession! 17-45 thousand Americans will lose their jobs (from this company alone). Well done. Let's celebrate how right we were!
I'm sure you care as much about those people as you care about the 10 million kids the GOP blocked from getting health insurance earlier this month. It's not funny that the economy sucks. It's funny that the economy sucks and those on the right have continued to lie through their teeth in support of their hero Bush. To their way of thinking, the ship might be sinking but they'll deny it 'til the bitter end if it means defending their extremely poor judgement in electing George Bush twice. Boo-hoo...
I would hardly call a person 25 years old a kid. Trying to push thru legislation for deserving kids by adding in money for those outside the original purpose is wrong and never should have been tried...if they had just sumitted a renewal of the program it would have been approved...instead the Dems threw the baby out with the bathwater.
You're misinformed. Go back and re-read the SCHIP bills. Find out why several Republicans (including Chuck Grassley) supported their passage. And speaking of Republican Congress members, I guess you didn't realize that you pay for their insurance (they're all a lot older than 25, too) and their family members' insurance as well. So I guess socialized medicine ain't so bad after all, huh?
I believe we have had this discussion before and you STILL won't admit the problems with the legislation.
15 states are already covering adults BEFORE eligible children
Stop with the "healthcare for children" nonsense
Did you call your representatives and insist that the eligible children be covered first???
Did you call your representatives and demand that the waivers for adults be rescinded??
Were you outraged that middle class people would be getting healthcare BEFORE low income children??
OR were you one of those people willing to sweep the really needy kids aside?
The most recent version of the bill addresses most of the concerns you mention ( http://www.speaker.gov/blog/?p=884 ) but let's be clear about one thing: This is an issue on which the GOP is losing and losing BIG. Many of the Republicans who've voted against SCHIP have seen their approval ratings within their states PLUNGE within the last month. Moreover, if the Congress ends up enacting a CR stretching into next year, the vast majority of the states that will run out of SCHIP money before next fall are RED STATES. You got it--the GOP will be screwing mostly lil backwards Red State kids in an election year.
Bottom line: The insurance industry has Bush and the GOP in its pocket and it's going to cost you big time next year. Like I said, you're already paying for some "children" in Congress who are a LOT older than 25 years old. How's *that* for "socialized" medicine?
This is simply a case of a well intended program that has gone astray because Congress failed AGAIN in it's oversight function
They need to prove that they are capable of making the original program work as intended BEFORE they think about expanding coverage
You need to read the actual bill NOT the Speakers blog
PLUS once the Senate passes their version it will go to committee.
Who knows what will come out of there. Many items are removed or added in committee and the final version seldom resembles what the original House or Senate bills included
there are still recession deniers.. people have been predicting this outcome for a year or more but no one listened.. so the recession deniers in my opinion should be reminded every day that they were wrong.. just like the 911 deniers of the demolition theory should be reminded every day that they are wrong.
Had a conversation with a driver who delivers trusses for home construction in California. Everyone was laid off and are on unemployment now and my question, knowing this is not an anomaly, why are the unemployment figures staying static when we all know its a sham?
Same with the inflationary rate. It seems the government is telling you everything is going fine with barely any increase in prices. Am I living on another planet?
Because they only count those collecting. When they reduced the number of weeks from 52 to 26, the unemployment rate went down. also part time jobs count. they also do not look at whether the jobs are living wage. If a person lost a good paying job and it was replaced with A McJob or Wal*mart job, it is not figured in.
I love these stories about Black Friday holiday sales being up 4.8% over last year--but failing to mention that stores are opening earlier and earlier.
What difference does it make when the stores open...the sales for the day are still up..if the gloom and doom folks cant get their disaster numbers they will just have to live without them
"What difference does it make when the stores open...the sales for the day are still up..if the gloom and doom folks cant get their disaster numbers they will just have to live without them"
Uh... If retailers start their Black Friday sales beginning at 6:00am one year and then the following year they open their doors to you at midnight (just hours after you finished shoving that last piece of Thankgsgiving day pumpkin pie in your face), that means you're getting SIX additional hours to max out your credit cards. Make sense? Think about it...
As stated by investopedia, Alwaleed bin Talal, a Saudi billionaire who owns 4% of the stock in citigroup told CEO Charles Prince to make cuts now. In addition, "in 2006, CEO Prince walked away with more than a $13 million bonus. And collectively, the rest of the senior executive team pocketed more than $27 million in bonuses on top of what I can assure you are generous base salaries, and handsome stock option awards."
Your government is just like ours up here, they tell us what we are supposed to hate and they tell us what we are supposed to like. On the hate side it's terrorists and closed borders, on the like side its capitalism, free trade, multinationals and open bordes. We are never supposed to say anything bad about multinational corporations but thy move from country to country raping the people wherever they go. people feel secure that they have a job with a really big company and then these companies make a deal with a government in another country and they'er gone in the night.
When it comes to government reporting on the economy they tell us exactly what we wnt to hear whether it's the truth or not, have you noticed how many time they revise their numbers, and if that still doesn't give the right picture they just leave things out.
Booming economy and no inflation, YEA RIGHT wonder what drugs they're using.
i don't know if I like the sounds of that saneman. Business is business I know, but this bank and one other were helping illegals set up accounts. They were pushing that Amnesty bill awhile back and setting up like they knew it would be passed
What's worse, illegals entering this country or foreign investors taking over the largest U.S. bank or are they equally bad? Whatever it may be, I hope this has a positive effect on the U.S. dollar, because the banks impose a lot of effect on the value of the dollar and with a weak dollar, the cost of oil keeps rising.
saneman You are a patent Attorney, You know for a fact that there are ways already invented to get around without the use of so much oil. Some one with the knowledge needs to give up the greed in order to have a better world. It would be wonderful and a great love of Country, if it started right here in America.
Tesla is a prime example. He had invented a car which ran totally on electricity without it ever having to be plugged in. Unfortunately, when he died that technology was confiscated by the government. Not even his own heirs have been able to recover those documents. Of course, not all inventions are patented. The states also have trade secret laws which also protects people's inventions. Most large companies don't want to disclose in patents those trade secrets. There have been many patents issued for various forms of alternative fuels. I once patented a new fuel injector which supposively increased mileage by 50%. Unfortuantely, most inventors lack the funds to pursue their inventions and become frustrated as a result and end up doing nothing with them.
"Citigroup, Inc., the nation's largest bank, projects its third-quarter profit will drop 60 percent after taking losses of more than $3 billion as a result of writing down securities backed by underperforming mortgages and loans tied to corporate buyouts."
"Citigroup said third-quarter revenue will be about the same as in 2006. But it will write down about $1.4 billion of its $57 billion portfolio of leveraged loans, lose about $1.3 billion on the value of securities backed by subprime loans, and lose $600 million in fixed-income credit trading, as the bank had trouble navigating market volatility."
They made some terrible decisions and are now paying for them
" They made some terrible decisions and are now paying for them"
You can bet that it'll be the labor force that is most adversely affected and not top management.
What a great Christmas and New Year present these unfortunate employees will receive.
Reuters
Monday November 26 2007
Poor risk management contributed to the recent departure of Citigroup CEO Chuck Prince.
From another article:
He "resigned" the same evening the bank announced that it will likely write down the value of its portfolio by another 8 billion U.S. dollars to 11 billion dollars in the fourth quarter.
Add Comment
You must log in first to post a comment. Secure Signin
Not a member? Sign-up today!
Who voted on this story?
- leeharris1969
fyuuuuut
onlinevideorental
- LyleW.Cortez
- ElizabethL.Cloutier
- RichardD.Phelan
- AmandaN.Tarbox
- ToddA.Golden
- RobertA.Gorman
- MelissaF.Hess
- WendyA.Haley
- ChristinaB.Dowden
- JuanT.Johnson
- RichardN.Little
physicx
angelitobcn
BJTJ
totalmania
optimumself
Marengo
dunnrose
Donnaich
- euroukr
ilovegossip
- Charlson
Grrr
- kittyroy
flexicover
torrent29
Dobes_Rule
avpd85
- max98oi
hsaleem
- nostalgia
LisaFo
JessicaLaurie
monicachenoa
pagey
- nitegarito
neer1010
sussane
blowback
thinkingserious
msaleem
elenaadler
- getreal1
gatitabonitasen
jeffwinterburn
creatza5555
Primbet
Who sunk this story?
Vote
Great Economy!!!
The economy is good, if one has a job that pays $400k a year annual salary, zero healthcare expenses, transportation and household budget/allowance paid for by others. The economy would look pretty good.
The economy is only as good as, the annual income each individual is trying to survive with, after taxes, SS, and daily rising costs of living expenses.
Um, err... Whadda ya mean? The economy is fantastic. And...Oohhh... Look! Over there... It's Hillary Clinton. ;-)
REPUKES service economy at its best.