Sunday, November 16, 2008

Citi Under Siege: Citigroup Keeps Knocking Them Off

In a major undertaking, it seems Citigroup will cut 10% of its staff. This amounts to 35,000 people globally taken from Citi's already lightened workforce of 350k. This is an adder to the earlier cutbacks of about 20k. A dozen thousand here, a dozen thousand there, soon you're talking some real numbers!

Unrelated to the layoffs, but more related to the same item impacted, Citigroup also intends to lift the credit rates for its indebted servants. First their mega layoffs will obviously be cuting consumer spending; resulting in more layoffs in other businesses and some small local biz going under. Next the higher minimum monthly payments will give their general clownsuming public less leeway to purchase the hot Christmas gift of the season.

Related:
American Express Workforce Decimated - Literally
LowFi: Fidelity Back at "It", Further Reductions
Crisis of Consumer Confidence

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