Post by unlawflcombatnt on Apr 12, 2007 3:44:34 GMT -6
Citigroup reports another of the many mass lay-offs that have occurred recently. Below are excerpts from a yesterday's Yahoo News describing Citigroup's Global Putsch: Over 23,000 US jobs to be lost
"US banking powerhouse Citigroup announced 17,000 mass job cuts Wednesday as part of a global putsch by top executives to overhaul its operations and save several billion dollars in costs.
Citigroup, one of the world's biggest financial firms, said more than 26,500 staff would be impacted by its overhaul, however, as it also plans to move over 9,500 jobs to "lower-cost locations" in the United States and overseas....
Citigroup, which has expanded aggressively in the last decade, employs some 327,000 staff worldwide and the layoffs will affect over 5 percent of its workforce....
Senior executives said the job cuts will help generate cost savings of 2.1 billion dollars in 2007, 3.7 billion in 2008, and 4.6 billion in 2009.
Prince and other top executives told Wall Street analysts on a conference call that further reforms could be announced in coming months as they vie to nail down spending....
Citigroup still booked 5.13 billion dollars in net profits for the last three months of 2006, more than the combined earnings of Merrill Lynch, Apple and American Airlines.
Wednesday's announcement will come as a blow to thousands of Citigroup middle managers and administrative workers who will bear the brunt of the layoffs although job cut rumors have been making headlines for weeks...."
The full article can be found at
news.yahoo.com/s/afp/20070411/ts_alt_afp/usbankingcompany_070411204217
I guess $5.13 billion in profits in 1 quarter just isn't enough. Corporate management is just not getting rich fast enough. Gotta reduce labor costs and keep increasing those already exorbitant profits.
"US banking powerhouse Citigroup announced 17,000 mass job cuts Wednesday as part of a global putsch by top executives to overhaul its operations and save several billion dollars in costs.
Citigroup, one of the world's biggest financial firms, said more than 26,500 staff would be impacted by its overhaul, however, as it also plans to move over 9,500 jobs to "lower-cost locations" in the United States and overseas....
Citigroup, which has expanded aggressively in the last decade, employs some 327,000 staff worldwide and the layoffs will affect over 5 percent of its workforce....
Senior executives said the job cuts will help generate cost savings of 2.1 billion dollars in 2007, 3.7 billion in 2008, and 4.6 billion in 2009.
Prince and other top executives told Wall Street analysts on a conference call that further reforms could be announced in coming months as they vie to nail down spending....
Citigroup still booked 5.13 billion dollars in net profits for the last three months of 2006, more than the combined earnings of Merrill Lynch, Apple and American Airlines.
Wednesday's announcement will come as a blow to thousands of Citigroup middle managers and administrative workers who will bear the brunt of the layoffs although job cut rumors have been making headlines for weeks...."
The full article can be found at
news.yahoo.com/s/afp/20070411/ts_alt_afp/usbankingcompany_070411204217
I guess $5.13 billion in profits in 1 quarter just isn't enough. Corporate management is just not getting rich fast enough. Gotta reduce labor costs and keep increasing those already exorbitant profits.