Citigroup cutting 11,000 jobs, taking $1 billion in charges

Comments (38)
americanguy wrote:

A trained monkey can eliminate jobs by picking names from a basket.
A skilled executive grows a company, and increases profits and customers by making the company better.
Corbat and O’Neil are nothing but circus monkees diguised as people.
They belong in a circus or a zoo because they would not last 10 seconds in a jungle.

Dec 05, 2012 10:21am EST  --  Report as abuse
Overcast451 wrote:

Just another stock to avoid is all.

Many investors see past the ‘make money this quarter’ mentality – but you’ll keep the short-term traders happy; just not long term investors.

Dec 05, 2012 10:28am EST  --  Report as abuse
NCMAN64 wrote:

You’re seeing some of the results of the obamacare tax scheme and obama the tax man, demanding higher tax rates for the future. You WILL see businesses cutting their excess employees for the new year to reduce the tax burden being imposed by the marxist president. The slippery slope is getting close.

Dec 05, 2012 10:42am EST  --  Report as abuse
Harry079 wrote:

“The move will initially result in pre-tax charges of $1 billion against fourth-quarter earnings”

Layoff 11,000 people and steal a billion dollars from the shareholders all in one swift move.

“And we’re living here in Allentown”

“Little pink houses for you and me”

Dec 05, 2012 10:44am EST  --  Report as abuse
Geckotan wrote:

But they’re too big to fail… Oh wait…

Dec 05, 2012 10:57am EST  --  Report as abuse
Obsilutely wrote:

Yeah, it’s because of Obamacare. What a moron…

Dec 05, 2012 11:00am EST  --  Report as abuse
ConradU812 wrote:

As MCMAN64 stated, this is the beginning of a LOT of the “1 percenters” exiting the country. I’m not saying corporations are benign or evil, just greedy. They’re going to stay if there’s profit, downsize and move if there isn’t. No amount of government regulation will stop this, only encourage more to leave/downsize.

Dec 05, 2012 11:09am EST  --  Report as abuse
AlkalineState wrote:

Citigroup should be out of business. They provide nothing that their competitors can’t provide better.

Dec 05, 2012 11:27am EST  --  Report as abuse
Harry079 wrote:

“They provide nothing that their competitors can’t provide better.”

Like Bank of America?

Who treats their customers and employees like crap.

Like Goldman Sachs?

Who’s execs are the most corrupt and non-prosecuted?

Dec 05, 2012 11:38am EST  --  Report as abuse
thk wrote:

“Citigroup Inc, which has lagged behind its peers in recovering from the financial crisis, said it is cutting 11,000 jobs worldwide. . .” Hostess announce it is laying off 18,000 employees. Yet,the Market is up 113 points today. What is going on? Maybe, if all workers throughout the country were laid off, the Market will go up thousands of points.

Dec 05, 2012 12:18pm EST  --  Report as abuse
brotherkenny4 wrote:

In NEWS today, an institution of theft is laying off 11,000 employees. Some experts speculate that the general populace has finally wised up, other contend that all of the money has already been stolen. House and Senate leaders are scrambling to make sure none of the cuts happen in their states. The Speaker of the House has assured other financial institutions that in his state at least, there are plenty of people still ignorant enough to be stolen from.

Dec 05, 2012 12:22pm EST  --  Report as abuse
smallpeople wrote:

And GOP, especially Tea Party, wants to keep tax breaks for them.

Dec 05, 2012 12:34pm EST  --  Report as abuse
smallpeople wrote:

For GOP who wants to keep tax break for the rich and/or those who still blame this job loss on President Obama, please tell me how many AMERICAN jobs will Corbat or O’Neill decided not to cut if Romney were elected and he allows them pay no income tax and repeals the health care under president Obama.

Dec 05, 2012 12:49pm EST  --  Report as abuse
Beery wrote:

It couldn’t happen to a more deserving company. I would feel bad for the employees, but they did choose to work for a company that engages in the banking equivalent of piracy.

Dec 05, 2012 1:32pm EST  --  Report as abuse
Doc00001 wrote:

@ Conrad:
For all the good they do, I can’t wait until the last of them go somewhere else. Who would want them? Not to put too fine a point on it but hell, take the politicians with them. After all, if it weren’t for politicians making it easy for them to fleece the population, they’d be in the same dung heap the rest of us are in.

Dec 05, 2012 1:41pm EST  --  Report as abuse
UauS wrote:

As usually, Happy Holidays to those laid off!..
When generals screw up, soldiers die needlessly.

Dec 05, 2012 1:50pm EST  --  Report as abuse
Doc00001 wrote:

Between politicians and “bankers”, I can’t decide who puts the douche in fiduciary.

Dec 05, 2012 1:52pm EST  --  Report as abuse
hugbear281 wrote:

AMERICA, Welcome to OBAMA’S Economy!

Dec 05, 2012 2:00pm EST  --  Report as abuse
psittacid wrote:

This is further proof of the insanity of what we call capitalism. Companies’ stock often goes up with massive layoffs, while the top of the totem pole gets millions in windfall for their hatchet work. In this system, there is disincentive for producing any desirable income for the bottom 99%. This includes salary, employment, benefits, health care, family time, vacation time, etc. Why the masses don’t clean house, I’ll never know.

Dec 05, 2012 2:14pm EST  --  Report as abuse
psittacid wrote:

This is further proof of the insanity of what we call capitalism. Companies’ stock often goes up with massive layoffs, while the top of the totem pole gets millions in windfall for their hatchet work. In this system, there is disincentive for producing any desirable income for the bottom 99%. This includes salary, employment, benefits, health care, family time, vacation time, etc. Why the masses don’t clean house, I’ll never know.

Dec 05, 2012 2:14pm EST  --  Report as abuse
GeorgeBrown wrote:

@NCMAN64,

Please give your definition of a Marxist and how President Obama could possibly be construed as a Marxist.

Dec 05, 2012 3:13pm EST  --  Report as abuse

This has very little to do with Obama or any impending issues or policies that may or may not be enacted somewhere in the near or distant future. It has nothing to do with new regulations that may or may not be enforced or enacted.It has everything to do with poor management and the “live by the quarter, pray at the bottom line, what’s mine is min and what’s yours is mine” inflated egoistic belief system of our modern banking and financial systems.

This is about Citi being poorly managed for a decade or more and not paying attention to it’s risk exposure ( as it is with all the thieves who got caught with their collective pants down in ’07 -’08). They failed to position themselves properly as a business and failed to limit liability and loss. They have received monies form the taxpayer and still cannot provide services at a market level cost model. Other banks are doing better, with our largesse, Citi is failing because of it’s own ineptitude and inflexibility. Had they not made the disaterous decisions they made to help the economy crash they would not be in this shape. Had they positioned themselves or strategically aligned themselves internally in a manner that was cost effective they could have avoided this.

The fact that business cannot succeed due to their own criminal behavior and lack of management skills is of no concern to the President or any of his policy makers. It will however be of interest to the people in our dysfunctional Congress who will see this ineffectiveness to manage a business as a reason to stop regulations and allow for more profit-taking opportunities I’m sure.

It sucks to lose a job, but it also sucks to have to repeatedly suffer the rest of the country/world unto your ineffectiveness and delusional business model.

Dec 05, 2012 3:27pm EST  --  Report as abuse
DetroitNative wrote:

Hope and Change

Dec 05, 2012 4:47pm EST  --  Report as abuse
PCScipio wrote:

@Doc00001: Well said.

Dec 05, 2012 4:59pm EST  --  Report as abuse

The Fed should print some more dollars and send them to Citi to save those jobs.
Sterling Greenwood/AspenFreePress

Dec 05, 2012 5:06pm EST  --  Report as abuse
xit007 wrote:

psittacid wrote:
This is further proof of the insanity of what we call capitalism. Companies’ stock often goes up with massive layoffs, while the top of the totem pole gets millions in windfall for their hatchet work. In this system, there is disincentive for producing any desirable income for the bottom 99%. This includes salary, employment, benefits, health care, family time, vacation time, etc. Why the masses don’t clean house, I’ll never know.

Most of the posts here are whiners…..everyone can gripe when a company struggles. This is the schizophrenic left talking now. Everyone could have the job they want – making the money you want if we can just have a central planned communist nation or whatever form of collectivism. The larger the company the less nimble they are in a turbulent economy. The is no tooth fairy out there – and Obama only knows how to organize community groups – not a real big help in dealing with the bloated tax code and ballooning spending. Every time a company cuts jobs – they are idiots and should be run out of the country. Stop whining and put you mind to the task of contributing to your own betterment. Do you really think jobs and salaries and living conditions will be better under communist order. There is tooo much scotch being consumed by academia and they are believing if they could only run the country – we would be saved. WOW this has really gotten out of hand..what a bunch of whiners…

Dec 05, 2012 5:18pm EST  --  Report as abuse
JamVee wrote:

They pursued me with emails to do a “HARP” ReFi. I spent some hours doing the forms and then Fed-Ex’ing it all back, then got 5 weekly update calls saying “no progress”. Next, I was turned down because I had changed the title to a “Family Trust” 5 years ago. I mean, I had to change that title through them because they have owned my mortgage for nearly 10 years . . . No wonder they are not doing so well. Can anyone at “CITI” spell good business practices.

Also, DocOO001, TOUCHE!

Dec 05, 2012 5:31pm EST  --  Report as abuse
jont wrote:

Why do we let mis-managed Banks,like CitiCorp, that are too BIG TO FAIL EXIST? The American people are too smart for more BAIL-OUTS of CitiCorp and will not accept it, let China fail. Which it wiil when the Global Economy, goes on a diet!

Dec 05, 2012 5:36pm EST  --  Report as abuse
mountainrose wrote:

This crisis has always been about the derivatives, worthless derivatives, part of the $700 trillion global derivative market. They break them down on usdebtclock.org. There were between 11 to $13 trillion in worthless credit default swaps back in 08, $23 trillion of them today. Good to see they learned their lesson. Too bad so many have to suffer for their over-leveraged bad bets

Dec 05, 2012 5:45pm EST  --  Report as abuse
Jutes wrote:

@MCMAN64…..Corporations will cut anything and everything for more profits…they are not “people, my friend”…they are bottom feeders without conscience for the rest of us…only to their global shareholders who have forgotten that they are people who will eventually be impacted too by the “for profit” industries. Corporations can change people’s lives overnight as they are swallowed by the bigger fish. We need to control this beast because we are people first not just consumers…..we voters have to stop this now with legistlation so that corporations cannot come in and destroy people,towns,countries in the name of profits. Corporations as people combined with Wall Street are worse than any nuclear bomb and have the ability to destroy any economy and country they choose now.

Dec 05, 2012 6:02pm EST  --  Report as abuse
tpsmith4 wrote:

immediate gratification…again

Dec 05, 2012 6:39pm EST  --  Report as abuse
cheeze wrote:

Oh stop with all the “BAM” comments. This is typical American dollar first mentality. I laugh when all these big corporations say they are not going to hire because of “BAM’s taxes etc. These guys are already vested heavily offshore and sheltering billions in tax dollars from Uncle Sam. Until Congress starts working for the people that put them in office we will have this kind of Corporate America. We need to get back to the old days of “America First” when it comes to the economy so to put our people back to work. Because if this does not happen, civil unrest is around the corner. An idle mind is the devils workshop..

Dec 05, 2012 6:44pm EST  --  Report as abuse
higginjd wrote:

Get ready for a lot more layoffs. That’s what happens when you vote Democrat. The economy is going to get really bad this time since employers have to pay even more in taxes for Obamacare.

Dec 05, 2012 7:15pm EST  --  Report as abuse
jabberwolf wrote:

@Obsilutely Um seeing as HC rates have skyrocketed and projected to skyrocket more, yes Obamacare contributes alot now to corporate expense.
@Smallpeople, how many people would have lost under Romney? Seeing as HC costs would have not skyrockets because they would now now have to cover the uninsured that are not their employees, maybe none. Also seeing as the stock market tumbled 400 points in 1-2 days after Obama won the election, people might have been more eager to invest in the USA… Now with Obama in office, not so much. Thus companies like Citibank need to cut costs = employees.
@psittacid yes capitalism does work – when the company loses money because its paying employees that dont contribute to its growth = they get fired. The company is now worth more – now people would be more willing to invest = stocks. Thus they go up. I swear the idiocy of people is amazing on these comments.

Dec 05, 2012 7:22pm EST  --  Report as abuse
jabberwolf wrote:

@Jutes please hire the 1000 people layed off. oh wait YOU CANT? You must be the leech then, not the companies.

Dec 05, 2012 7:23pm EST  --  Report as abuse
Mikecimerian wrote:

@Man64.
You are confusing Marx … the brothers with old Karl. If employees are in excess then there is rationale for cutting jobs. Finally, slopes don’t move, neither do mountains. Thanks for the laughs.

Dec 05, 2012 8:24pm EST  --  Report as abuse
dwightr wrote:

here here americanguy!

NCMAN64, Obamacare? Are you kidding me? There was a bad accident on the 405 today too and I’m suspecting that you’re suspecting Obamacare had something to do with that too. Jeez.

Dec 06, 2012 12:55am EST  --  Report as abuse
udaha wrote:

well, lay off is good if they have planned well.. being a business man profit is his first concern , they dont care about jobs .if they use that 1 billion $ to expand their business then its good. The people could find the jobs in their own town, people would start to invest , that will make job creation. And according to them they r cutting mostly from IT field ….that will reduce the outsourcing and eventually those jobs will end up here ,so if this is the plan, then laying off now will be a step stone to the future, other ways its getting close to the slippery slope

Dec 06, 2012 7:58pm EST  --  Report as abuse
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