Monday, November 17, 2008

Citi Shedding 50,000 Jobs

Citi is planningto cut another 50,000 jobs.  That would be on top of the 23,000 jobs it has cut already. 


The banking giant, Citigroup, which a decade ago set out to rewrite the rules of American finance, announced Monday morning that it would cut 50,000 jobs in the coming quarters, largely by selling assets.

In addition, the bank said that it would trim expenses by 16 percent to 19 percent to about $50 billion in 2009.


The cuts would leave the bank with about 300,000 employees, down from its peak of about 375,000 in the fourth quarter of last year.

In addition, according to another report, JP Morgan may be looking to shed about 10% of it's workforce.  That would be about 3,000 jobs.



The content contained in this blog represents the opinions of HousingDepression.
This commentary in no way constitutes investment advice. It should never be relied on in making an investment decision, ever. Nor are these comments meant to be a solicitation of business in any way - such inquiries will not be responded to. This content is intended solely for the entertainment of the reader, and the author.  We may hold either long or short positions in securities of various companies discussed in the blog.  The information in blog may contain misspellings and other inaccuracies.  It is provided "As IS," without express or implied warranties of any kind.  HD represents all rights to the information.

Technorati Tags     ,,

No comments: