Tuesday, December 6, 2011

Citigroup Cutting 4,500 Jobs

I would enjoy this headline more if I knew it was the fat cats losing their jobs rather than the workerbees. Unfortunately, you know darn well it never works out that way.
Citigroup, the third-largest U.S. bank by assets, said it will trim 4,500 jobs and take a $400 million fourth-quarter charge related to the lay-offs. New York-based Citigroup had about 267,000 employees at the end of the third quarter.

Financial firms worldwide have cut more than 200,000 jobs this year, up from about 58,000 last year and 174,000 in 2009, according to data compiled by Bloomberg.

Amid slack trading and investment banking revenue, Citi along with many of its rivals, is looking to lower expenses, but the 4,500 layoffs are well above the 3,000 previously thought Citi would engage in.
But, but, but...I thought recovery was just around the corner. how can that be if even the big banks are laying people off? Apparently, Citigroup and all of the rest of them think they can get away with saying: who you gonna believe, me or your lying eyes?

Bonus: What the heck, I haven't heard this song in awhile


  1. Expect more of this. Bank of America recently said it would fire 30,000 workers.

  2. Well, there's good news, and there's bad news. And finally there is "mixed" news like this.

    If we saw a 1 for 1 replacement of financial workers with manufacturing workers, and that went on for about a decade or so at a brisk pace, we might even be getting somewhere ;-)

    -- Dave