Report: Citigroup to lay off thousands

[ChromeFoundry]

NEW YORK, Nov. 15 (UPI) --

Citigroup Inc. (NYSE:C) -- the global financial giant based in the United States -- plans to trim its workforce by 10 percent, CBNC reported Saturday.

Citing a person familiar with the matter, the cable business news channel said the job cuts are intended to return the company to profit and put down growing criticism of Chief Executive Officer Vikram Pandit -- who plans to issue a statement on the matter Monday.

CNBC said the move is aimed at soothing market concerns that Citigroup is not doing what needs to be done to deal with difficulties including deteriorating share prices. Citing people close to the company, the report said the precise dimensions of the job cuts were not known Saturday afternoon but the organization might cut almost 40,000 jobs from its international workforce, estimated at 350,000.

CBNC's source said Pandit will likely announce that the layoffs will take effect in the relatively short term -- perhaps during the next five or six months.

"The object here is for people to take notice," a source told CNBC. "The exact number is still a moving target but it will be dramatic."

Citigroup has reported losses for several quarters, largely due to massive writedowns of bad debt. Its share price has dropped from almost $50 a year ago to a little over $9 Friday.

http://www.upi.com/Business_News/2008/11/15/Report_Citigroup_to_lay_off_thousands/UPI-62871226796996/

[acmavm]

1. Gee, I don't see where they're cutting executive's positions though. Oh

wait, maybe the CEO and the rest of the boys in the Executive Suite are gonna take a pay cut and forego their year-end bonuses.

**snark**

[OhioChick]

4. I thought you were serious, at first.

:)

[acmavm]

5. In a way I was. Do you think the CEO and the rest of the greedy thugs will

be giving up anything?

Nope, neither did I.

[OhioChick]

8. Hell No....

All I saw was "maybe the CEO and the rest of the boys in the Executive Suite are gonna take a pay cut and forego their year-end bonuses."

My first thought was....acmavm would never have thought/said that! :rofl:

[acmavm]

9. I did the same thing a couple days ago. I read something that made no

sense and just as I was hitting reply, what this person really posted sunk it.

Luckily I didn't make an ass out of myself that time.

[OhioChick]

10. LOL....

I was ready to post "acmavm, is that really you?" :)

[Waiting For Everyman]

2. They're asking for it - to be bankrupted and nationalized.

Then these decisions might be made right, instead of by the same people who already screwed it up. No doubt, the top jobs will stay as is, and the cuts will be at the bottom. It's what they do.

[MichiganVote]

3. Must be another CEO who needs a raise.

[Number_Six]

6. Do these layoffs...

...include those who are constantly calling me to offer me yet _another_ credit card?????????

Fold, Citi, see if I care!

[Azlady]

7. Why don't they stop spaming our US mail boxes -

they would save millions on printing/postage costs and wonderfully green too PLUS how many jobs would that save!

[Dr.Phool]

12. The FTC website has a place where you can opt out of solicitations.

I signed up about 8 months ago, and my mailbox is empty now. My wife and I were getting at least 20 solicitations a week from Citibank alone, before that. Not to mention a good dozen or so from Discover, and more from other banks. I burned out 2 shredders on them last year.

And Citi announced the other day that they were going to increase interest rates by 3 percentage points on about a quarter of their customers. I hope every last one of them transfers their balances to a cheaper card.

[OhioChick]

13. I usually call them and ask to be put on their "Do Not Call" list.

Surprisingly enough, it's worked thus far. Capital One was the worst. I got CC applications in the mail from them daily.

[ihavenobias]

11. Ouch

:(