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[yoopoo]

NEW YORK (CNNMoney.com) -- Citigroup said Monday it planned to cut more than 50,000 jobs, the latest move by the struggling bank to cut costs in order to weather the credit crisis plaguing Wall Street.

In an investor presentation on its Web site, the company said it would reduce its workforce to approximately 300,000 employees. As of the end of September, the New York City-based bank had about 352,000 employees.

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In a memo to company employees Monday, Pandit asked workers to remain committed to their clients and customers ahead of what is expected to be a difficult 2009. "Citi needs you to maintain your focus on helping them succeed because now is the time when lasting loyalty is earned," he wrote.

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Most of the cuts are expected to take place by year end before trailing off sometime in 2009. What remains unclear is whether more layoffs could follow. The company described the cuts as a "near-term" target.

http://money.cnn.com/2008/11/17/news/companies/citigroup/index.htm

HOOLYYY monkey balls - anyone gaffer at Citi? Nice christmas some of these folks will have.

 

[Souldriver]

350,000 employees. 0_o My god, I didn't know there were such big employers in the world. Especially not in the Bank sector.

 

[RBH]

Holy shit.

 

[mckmas8808]

Again showing how bad the economy is. Why McCain thought the fundementals were strong still confuses me.

 

[Jason's Ultimatum]

10% unemployment rate here we come.

 

[pj]

Guess that explains why there's no longer an "apply for new student loan" link on my account page at citi

 

[Tarazet]

Jeez. The town I live in has a population of about 50,000.

 

[SUPREME1]

Wow.

 

[AstroLad]

nyc is in deeeeeeeep shit

 

[WingM@n]

Those are a lot of jobs lost. But this is only the beginning, many other banks and corporations are going to layoff workers. I heard some economist say it will get to 300,000 lay offs in the next 18 months. Even more if the goverment doesn't help General Motors.

 

[teh_pwn]

That should be expected. Massive layoffs almost always lags a stock market dive. Not the other way around.

I was watching CNBC earlier because I'm home sick and bored as hell, and it amazes me how little their anchors know. They kept saying "oh Dow Jones is going to dive because of this news, keep an eye on DJI in the side of the screen."

 

[Deleted member 20415]

nyc is in deeeeeeeep shit

Yep... but at least we might get to see my dream of actually starring in Escape from New York.

Eye patches for all!

 

[Shockgamer]

Yep... but at least we might get to see my dream of actually starring in Escape from New York.

Eye patches for all!

They'll wall off Detroit before they wall off Manhattan.

 

[Gantz]

OUCH! I'm so glad I don't work in financial!

 

[BobLoblaw]

I thought I heard 50,000 world-wide. Is this US only?

 

[Az]

it already started... my wife got laid off from Citi 2 weeks ago

 

[AstroLad]

it already started... my wife got laid off from Citi 2 weeks ago

isn't this a new batch tho?

 

[Barrett2]

Thank god my wife works at a university in a safe job.

I am so glad this is my last year of school, I imagine student loan funding for private schools will be TIGHT AS FUCK next year. Jesus...

 

[ToxicAdam]

What's the big deal? Plenty of good paying jobs out there for these people to find.

 

[CHRP718]

stuff like this sucks. hope ppl who get laid off can land on their feet and get another job.

 

[~Devil Trigger~]

sigh

is Chase next?

 

[Pimpwerx]

The only good that ever comes of stuff like this is that you find the customer service at fast food joints is improving as the good jobs become harder to find. PEACE.

 

[Az]

isn't this a new batch tho?

could be... the great thing is I work for WaMu (now Chase)... so I might be next :lol
I can only laugh about it.. Just dont have the nerves anymore to worry

 

[Barrett2]

could be... the great thing is I work for WaMu (now Chase)... so I might be niext :lol
I can only laugh about it.. Just dont have the nerves anymore to worry

Damn man, that sucks. Good luck.

If things do get that bad, be sure to post on GAF before you rob a liquor store so we can look for you on the news.

My sister and her husband might have to move back to Canada where my brother in law is from, because his family's home-building business in Vegas went under last month. They are totally screwed, and I imagine it will only get worse for lots of others.

 

[LuCkymoON]

sigh

is Chase next?

Chase is safe. They got a free ride with fleecing of Wamu.

 

[Nore]

Thank god my wife works at a university in a safe job.

I'm not sure how safe her job would be if banks can't make loans to students trying to attend her university. Less students = less staff.

 

[OxtheMidget]

Damn... my dad works at Citi. Guess he's gonna be stressing out over this in the next couple months

 

[RoodyPooUS]

Phew, I work in finance/econ, but in a really niche market that isn't suffering at all, thankfully.

 

[besada]

350,000 employees. 0_o My god, I didn't know there were such big employers in the world. Especially not in the Bank sector.

Wal-Mart has 1.8 million world wide. Can you imagine that collapse?

 

[mckmas8808]

sigh

is Chase next?

Banking giant JPMorgan Chase may cut more than 3,000 jobs as the financial crisis continues to shake major players in the U.S. banking sector, a report indicated today.

News of JPMorgan Chase's pending action comes on the heels of its buyout of Washington Mutual, the troubled savings-and-loan giant that is the fifth-largest financial institution in Central Florida. The acquisition for the first time gives JPMorgan Chase a retail presence in Metro Orlando.

JPMorgan Chase's stock slipped in pre-market trading today after Britain's Sunday Telegraph reported the potential worldwide job cuts, according to The Associated Press.

Since it took over Washington Mutual and Bear Stearns this year, JPMorgan Chase has made an unspecified number of job cuts to eliminate overlap.


Chase joins other large banks in the shedding thousands of jobs as they scramble to deal with the credit crisis and economic downturn.

Citigroup Inc. is cutting 2,000 worldwide -- the latest installment in a downsizing that has already shed nearly 13,000 jobs this year. The company expects to eliminate another 9,100 jobs by late 2009

http://www.orlandosentinel.com/business/local/newsletter/orl-biznews-jpmorgan111708,0,4394715.story

Sorry bro.

 

[Huzah]

Wal-Mart has 1.8 million world wide. Can you imagine that collapse?

Bit differenet comparing your average Wal-Mart worker and a Citi worker no?

That's 50000 well paying jobs lost.

 

[Az]

Damn man, that sucks. Good luck.

If things do get that bad, be sure to post on GAF before you rob a liquor store so we can look for you on the news.

My sister and her husband might have to move back to Canada where my brother in law is from, because his family's home-building business in Vegas went under last month. They are totally screwed, and I imagine it will only get worse for lots of others.

:lol :lol I was joking to my wife that we will be like Dick and Jane just in real life..

she gave me one of those looks, the Prince gif

 

[Escape Goat]

FUNDAMENTALS OF THE ECONOMY ARE STRONG MY FRIENDS