Monday, November 17, 2008

Citi Under Siege: Citigroup Announced Layoffs Larger Than Expected

Citigroup went on the high end of the layoffs and has decided to layoff 52,000 employees. This is equal to a small city or a good sized town.

I don't have much more to add to the prior post on the speculation for 35,000 jobs lost. Well, since we're here I may as well indulge myself. This one company alone has called for a layoff in the size of 10% of the relatively large recent initial claims data for the week ending November 8. That figure was 516,000. Amazing that one company is able to contribute so much to keep feeding this government state for many weeks to come.

Related:
Citi Under Siege: Citigroup Keeps Knocking Them Off
American Express Workforce Decimated - Literally
Bankruptcy Numbers Are In

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