Citigroup To Layoff More Than 3,000 Workers

[OhioChick]

Source: Reuters

11/16/11 12:24 PM ET

Citigroup Inc may cut "slightly more" than 3,000 jobs, becoming the latest U.S. bank to eliminate positions, a source familiar with the matter said.

The cuts would include jobs eliminated as a result of re-engineering and divestitures. The details are still being worked out.

"As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi," Citigroup said in a statement on Wednesday.

At the Bank of America Merrill Lynch financial services conference, Citi's Chief Financial Officer John Gerspach said every Citigroup unit is expected to create 3 percent to 5 percent in cost savings each year and the bank was working to rein in expenses.



Read more: http://www.huffingtonpost.com/2011/11/16/citigroup-layoffs-least-3000-workers_n_1097455.html

[msongs]

1. and their jobs will go....ta da...overseas except the CEO of course nt

[Juneboarder]

2. "The cuts would include jobs eliminated as a result of re-engineering and divestitures."

Possible outsourcing??

[Turbineguy]

3. If they laid off an exec

they could hire 3000 workers.

[hughee99]

5. According to the AFL-CIO, BOA's CEO last year made about

1.9 million dollars in total compensation. That's 57 times the average worker.

http://www.aflcio.org/corporatewatch/paywatch/ceou/database.cfm?tkr=BAC&pg=1

His salary would cover the cost of 3000 workers, if each made about $600 a year.

Citi's CEO made $1 in total compensation
http://www.aflcio.org/corporatewatch/paywatch/ceou/database.cfm?tkr=C&pg=1

On edit: I was originally thinking this was about BoA, not Citi, which is why I posted their numbers first.

[Turbineguy]

9. I was exaggerating.

I admit it.

[katty]

4. somebody needs an even bigger bonus

[defendandprotect]

6. And we're all still running around with credit cards making them rich -- !!

[Atypical Liberal]

7. This is one headline I won't get upset about.

The beast is being starved. This is a natural consequence. I feel bad for the people working for the beast, but I'm not sorry to see the beast diminished.

[SpiralHawk]

8. "Welcome to the 99%" - The 99%

"Your fatcast Republicon 1% overlords have found you to be useless. You have been cast onto the scrap heap of history. This is inevitable. They were just waiting to OFF your prole butts."

- The 99%

[Xtraneous]

10. Silly corporations creating more protesters.

:eyes:

[gateley]

11. Quick - put your money back in the Big Banks -- it's your fault!

I'm waiting for it.

[tpsbmam]

12. The job creators! So glad we give them tax breaks, bailouts and more

so they can create all those jobs!!

:sarcasm: