Citigroup layoff more 50000 jobs

May 3rd, 2010 by admin | Posted in Uncategorized |

Citigroup to cut more than 50,000 jobs
Citigroup said Monday it planned to cut more than 50,000 jobs, the latest move by the struggling bank to cut costs in order to weather the credit crisis plaguing Wall Street
News from November 17, 2008:America’s Money Crisis CNN Money

Citigroup Background
Citigroup Inc., doing business as Citi, is a major American financial services company based in New York City, NY. Citigroup was formed from one of the world’s largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998. Citigroup Inc. has the world’s largest financial services network , spanning 107 countries with approximately 12,000 offices worldwide. The company employs approximately 358,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries. It is the world’s largest bank by revenues as of 2008. It is a primary dealer in US Treasury securities[8] and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997.[9] Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4.9% stake.[10] As of December 11, 2007, Vikram Pandit is Citigroup’s current CEO, while Sir Win Bischoff the current chairman.
Credit Background: Wikipedia

My Opinion
This is signal of bankruptcy again and again for USA Big Corporate. When business into crisis first things CEO do is layoffs. I don’t understand with logic and tools. Tools for manage business have a tons but they choose layoffs is one. I set up my consense this is signal of Citigroup Bankurptcy
Citigroup Bankruptcy

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