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.

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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.

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Would You Like to Super-Size Your CDO?

The second largest bank by assets, Citigroup, has just announced they're spooling up the layoff machine. The layoffs are purported to come at least partially from their investment banking operation, so don't be too surprised if the next time you see an investment banker, he's asking you if you would like a large fries with your number three.

Citigroup has said they plan to cut 9,100 jobs by this time next year and has already cut 23,000 this year alone.

At least there's plenty of jobs available at the shopping mal... oh wait.