Monday, November 17, 2008
Citigroup to cut more than 50,000 jobs
Citigroup to cut more than 50,000 jobs
Citigroup said Monday it planned to cut more than 50,000 jobs, the latest move by the struggling bank to cut costs in order to weather the credit crisis plaguing Wall Street
Posted by mark @ 02:00 PM (802 views)
3 thoughts on “Citigroup to cut more than 50,000 jobs”
Add a comment
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
jack c says:
BBC have it as follows –
Citigroup set to cut 75,000 jobs
Citigroup is trying to combat the effects of the credit crunch
US bank Citigroup has announced plans for up to 75,000 job cuts, up from a previously announced total of 23,000.
Citigroup said in a statement that the cuts represented a reduction of about 20% of its staff, leaving the bank with 300,000 jobs worldwide.
The cuts will come from redundancies, the sale of units and natural wastage, the bank said.
Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.
“Underlying business remains strong and revenues have been stable,” the bank said.
Citigroup also said its capital position was “very strong”.
The bank expects its expenses to be down 20% from peak levels after the job cuts have taken effect.
Fjcruiser says:
a big chunk from London I expect.
sneaker says:
But I thought house prices were going up forever, so how did they allow this?