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/...ion-charge/?hp

Eleven thousand job, not good news


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]

Originally Posted by 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>

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/hoste...cting-ceo.html

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

<O>

[Jimbuna]

Originally Posted by vienna

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/hoste...cting-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.