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3XSQ: Citi says it's cutting 11,000 jobs

Wednesday, Dec 05, 2012 - 04:20

Citigroup will eliminate 11,000 jobs worldwide, about 4 percent of its total staff, in a move to save as much as $1.1 billion a year in expenses.

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More storm clouds gather over city and man's best friend gets behind the we -- Yes yes. Look at the -- -- -- this Wednesday from Reuters world headquarters in New York. City gets rid of his boss Vikram Pandit and now it's acting 111000. Workers that's our daily -- it represents about 4% of the staff. So part of a plan to kick start the business in the face of weaker trading higher costs. From regulation. Will likely cost city one billion dollars in the fourth quarter earnings but also save them over a billion dollars a year. Investors giving a thumbs up though is seen rising about two and a half percent. Sticking with jobs it's meant to be the dividing -- for Friday's nonfarm payrolls and ADP number this morning came under analysts' expectations. Eighty -- only 1181000. Private payrolls were created in November economists were hoping for 125000. But recovered for the elder and member of the data it was skewed by superstars Andy. In fact Moody's analytics Mark Zandi says actual figures should be a 150000. In line with last month's reading so there's this line there. Good news for Facebook's Mark Zuckerberg getting 99 new friends the social network becomes the latest member of the NASDAQ-100. Replacing -- justice. It's deadly milestone for the side are breaking views -- here and says it shares are likely to rise. As more funds will be forced to include FaceBook in their portfolios. It's up about half percent. Once CEO who is not feeling the love the big lots Stephen fish and the SEC is investigating a ten million dollar stock -- in March by the boss of -- -- Wall Street Journal. Officially announced his retirement on Tuesday. Big lots told the journal that his departure unrelated to the probe at the stocks -- was quote at times in the top companies trading window. Was open. Big -- down almost 2% this morning. To another regulator the EU's slapping Phillips and five other firms with a record fine of over one point nine billion dollars. The reason price fixing for parts that TV monitors. Our -- helpful joins us one ax appear in this scheme is gone for about a decade. Yeah that's that's right he's set to cartels are targets at once -- TVs the other computers and Lana says. His -- these cartels operated between 1996. And 2006. During which shots I'm executives from the company's -- around. How to fix prices how to share markets. What they according get this green meetings so cool because these meetings usually ended. I would around adults. About one point 47 billion euros as you say one point nine billion dollars I wanna put that in perspective Osama. Equivalent pretty much of the annual GDP of the mold these. Is the fine for the price fixing Phillips was hit with the biggest penalties just over 313 million years LG electronics came in close behind. With 296. Million the others Panasonic. Samsung Toshiba and Francis had -- -- The other companies finds out yet -- big one adults I don't know what we forget this one and and aren't part of growing. I like that price fixing in capping it off with a round of golf. -- -- And finally riding shotgun with man's best friend. Dog's learning to drive in New Zealand part of a push by Society for the Prevention of Cruelty to Animals. To highlight their intelligence and encourage more people could not rescued animals. Train began September with simple movements putting upon -- yours stick. Sitting in a driving position holding this very real. What they got a real -- -- it's on the trolley help the dogs accelerate and steer and don't you dare cross them when they get road rage it. That is the latest from three times greatest Wednesday you can follow us on Twitter at Reuters Insider in check out our players YouTube channel at Reuters dot com. Slash Reuters TV I'm Lisa Bernhard this is worth.

3XSQ: Citi says it's cutting 11,000 jobs

Wednesday, Dec 05, 2012 - 04:20

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