Citigroup Said to Consider 3,000 Job Cuts

[marmar]

(Bloomberg) Citigroup Inc. (C), the U.S. bank that shook up senior management earlier this month, may cut as many as 3,000 jobs as Chief Executive Officer Vikram Pandit squeezes out costs, said a person familiar with the company’s plans.

The reduction, equal to about 1 percent of the staff, is an estimate and may change, according to the person, who wasn’t authorized to speak publicly about the cuts. Among the jobs eliminated may be 900 from the division that includes the bank’s trading and investment banking operations, the person said. Citigroup, ranked third by assets among U.S. lenders, employed about 267,000 people at the end of the third quarter.

“As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi,” Danielle Romero-Apsilos, a spokeswoman for New York-based Citigroup, said in an e-mailed statement.

Citigroup posted a 74 percent increase in third-quarter profit, aided by a $1.9 billion accounting gain that softened the impact of lower trading and investment-banking revenue. The bank said in September it would limit hiring only to “critical” jobs to control costs and boost revenue as new regulations on minimum capital levels take effect. ..............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-11-16/citigroup-said-to-consider-3-000-job-cuts-as-pandit-trims-costs.html

[xchrom]

1. Recommend

[nineteen50]

2. bailout, 0% interest loans, 75% profit increase

still not enough for 1%ers answer layoff those taxpayers that
bailed you out.

[nineteen50]

3. It is time to nationalize the banks

break them up into multiple smaller banks that are fail-able
jail-able size.

[Mnemosyne]

4. Jail-able size sounds exquisite! n/t

[bulloney]

5. My idea of Karma would be to throw all of these banksters in prison

and tell the other inmates that they're being held for child molesting.

Then, you'll see some real Darwinism in action.

[HappyMe]

6. More unemployment!

Where is the Jobs bill?

:grr: