Citigroup is expected to cut 53,000 more jobs

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NEW YORK – A person briefed on Citigroup's plans says the banking giant is cutting another 53,000 jobs in the coming quarters.

CEO Vikram Pandit is revealing the plan at the company's town hall meeting Monday with employees.

The person requested anonymity because the plans haven't been made public yet.

The 53,000 job cuts are in addition to the 22,000 already being eliminated from Citigroup Inc.'s 375,000-member work force as of the end of 2007. The latest cuts bring the total job reductions to 20 percent.

http://news.yahoo.com/s/ap/20081117/ap_on_.../citigroup_jobs

[Heracles 417]

So these banks borrow $700 billion but then cut jobs. Further exasperating the situation but basically securing their bottom line and investors stock.

Banks should not have been bailed out. Not one cent. They are in an industry where the free market would allow a competitor or the leaner smaller blanks to take their place. Whereas they are still debating whether we should bail out the auto industry. An industry where setting up a new manufacturer and building a brand name takes decades of work.

Edited November 17, 2008 by Aficionado

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So these banks borrow $700 billion but then cut jobs. Further exasperating the situation but basically securing their bottom line and investors stock.

I don't know about that. The bailout money was so to buy them time so they could reorg. Layoffs tend to be part of any reorg.