Citigroup Plans Second Round Of Large-Scale Layoffs

CNBC:

Citigroup, Wall Street's largest financial services firms, is planning its second round of large-scale layoffs in less than a year, CNBC has learned.

People inside Citigroup say the firm hasn't set a target number of cuts from its roughly 320,000 employees. But people with knowledge of the matter have described the pending job reductions as "massive" and "large."

A Citigroup spokesman had no comment.

Read the whole story: CNBC

Comments

[CALLENBY]

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Of all the Arab nations, the Emirates have done the most with the least. Given that their oil reserves are about to run out before the next half of this century, they have essentially transformed their desert Nation into an Oasis of envy.

While other Arab states are busy developing WMDs with their petroleum wealth, by squeezing every last dime out of our pockets, effectively making our lives ever more miserable, the UAE has taken a different approach by spending their money to benefit themselves. That is why the most beautiful and tallest free standing structures decorate their otherwise desolate desert.

www.burjtowersdubai.com

I wonder if this is the beginning of a hostile takeover of US interests or just another shrewd investment on their part:

At one point, Dubai Ports World, a UAE company almost landed the contract to man our sea ports! Interesting that they should now own the largest stock in our Nation’s largest bank.

[BRUMALIA]

Hoopefully,it will be the upper management that will experience this attrition or layoffs.

[BC33]

I hope they lay off the upper managemnent, not the office staff. Although I am sure the big-wigs will get millions in bonuses and the lowly staffers will get a pink slip.

[realitytrumpsbull]

Just make sure it's lots and lots, so I never
get any more of those 'pre-approved' credit
card offers...if I'm pre-approved, why didn't
they just send the card? LOL
WHAT a racket...

[mrcontinental]

Sorry but I have no sympathy for anyone in the banking industry. As far as I'm concerned they are all culpable in this current financial meltdown.

Welcome to the "service economy" folks; and yes I do want fries and no I don't want cheese with my order.

[JSquercia]

Yes the old CEO on whose watch this all hapened walks away with HIS Golden Parachute and the workers get their Merry Christmas Pink Slips . So sad so predictable