Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge

[Gerald]

Citigroup announced on Wednesday that it would cut 11,000 jobs, reducing its work force by roughly 4 percent in an effort to cut costs.

Under the reduction, 1,900 jobs will be eliminated in the institutional clients division. Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group. The bank’s shares rose about 4 percent in morning trading.

The reductions at Citigroup come after the bank’s powerful chairman, Michael E. O’Neill, engineered the ouster of its former chief executive, Vikram S. Pandit, and named a handpicked successor, Michael L. Corbat, according to several people close to the bank.

http://dealbook.nytimes.com/2012/12/05/citi-to-cut-11000-jobs-and-take-1-billion-charge/?hp

Eleven thousand job, not good news :hmmm:


Note: December 5, 2012, 9:22 am

[Gerald]

I hope they can get their salaries before Santa comes.

[vienna]

I also wonder how many of those jobs lost are high-paying, executive positions and I also wonder if this is going to cause a denial or reduction of bonuses to those executives whose mismanagement caused the problems in the first place?...

<O>

[Jimbuna]

I also wonder how many of those jobs lost are high-paying, executive positions and I also wonder if this is going to cause a denial or reduction of bonuses to those executives whose mismanagement caused the problems in the first place?...

<O>

Sounds just like the financial sector/banking in the UK.

[vienna]

Sounds just like the financial sector/banking in the UK.


I just get weary of hearing these spoiled brat executives howling about their bonuses and perqs when they are the ones who tend to bollocks up the economy with idiotic actions. As a case in point, I give you the execs at the now bankrupt Hostess Bakeries demanding their bonuses after driving the company into the ground:

http://americablog.com/2012/12/hostess-employees-to-get-8-pay-cut-but-not-acting-ceo.html

Ain't life just ducky when you've got a Golden Parachute?...

<O>

[Jimbuna]

I just get weary of hearing these spoiled brat executives howling about their bonuses and perqs when they are the ones who tend to bollocks up the economy with idiotic actions. As a case in point, I give you the execs at the now bankrupt Hostess Bakeries demanding their bonuses after driving the company into the ground:

http://americablog.com/2012/12/hostess-employees-to-get-8-pay-cut-but-not-acting-ceo.html

Ain't life just ducky when you've got a Golen Parachute?...

<O>

Sure is and our current Tory government give them out for free to the big city executives who are Tory supporters in the main.

[vienna]

Sure is and our current Tory government give them out for free to the big city executives who are Tory supporters in the main.


Sounds like our GOP administrations who contrive to maintain the lifestyles and perqs of our executives. You know, it sure doesn't hurt to be in the same country clubs as those in government who are supposed to be reigning in corporate excesses...

<O>

[Jimbuna]

Sounds like our GOP administrations who contrive to maintain the lifestyles and perqs of our executives. You know, it sure doesn't hurt to be in the same country clubs as those in government who are supposed to be reigning in corpotae excesses...

<O>

I'm almost ashamed to admit I was until I retired three years ago :)

[vienna]

I've got nothing against country clubs per se; I just dislike the idea of groups of govermental and corporate "good old boys" doing business and making sweetheart deals with each other rather than doing business where it should be done. I believe, like Mark Twain, that golf is a good walk spoiled, but to each their own. The most blatant example of this sort of cronyism occurred whem Cheney had those closed door meetings with only top oil and energy executives and excluded any other interested parties while formulating US "energy policies" under Bush. In fact, those "policies" may have been the only "formed" policies in the entire Bush administrations. A sad but true state of affairs...

<O>

[Platapus]

I think that CEOs and other ultra high executives should get a salary of $1.00 per year and a fixed small percentage of the profit of the company. Linking the pay of the management with the profitability of the company would be a good start.

Of course then all the CEO has to do is fire a bunch of minions to make the numbers look good. :/\\!!

But in any case, CEOs should not be rewarded for running companies in the ground.

[Takeda Shingen]

So much for the "job creators" line, eh?