You’re Fired | Citigroup to Lay Off 4,500 Workers

“For his efforts, Mr. Pandit accepted a $1-a-year salary — although Citigroup’s board handed him a retention package worth at least $23.2 million earlier this year.”


Citigroup to Lay Off 4,500 Workers

Facing stalling growth prospects around the globe, Citigroup’s chief executive, Vikram S. Pandit, said on Tuesday that the bank would lay off 4,500 workers in the coming months.

Citi will also take a $400 million charge in the fourth quarter to cover the severance and other costs related to the downsizing effort, which will reduce the bank’s work force by about 2 percent, to 262,500 employees. Citi now has roughly 100,000 fewer employees than it did at the end of 2007, before the worst of the financial crisis.

Most of the job losses will come from Citi’s back-office and investment banking operations. Its Wall Street-related business has been hard hit by a slowdown in trading volume amid the turmoil in Europe. But nearly every part of Citi’s sprawling businesses will face cuts.

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5 Responses to “You’re Fired | Citigroup to Lay Off 4,500 Workers”
  1. Boy Pam! Where did everyone go? All the parties on the comment section seemed to have disappeared. Perhaps they are working on their cases. I wont be their judge, but it seems they knew they were doing illegal signing. If they did they dont deserve my sympathy, and I have a heart for people. So many lives have been destroyed in more than one way. My sympathy is with all the homeless in cars, rentals, in tents, in their freinds and families garages, the ones whom have taken their lives and the ones that stressed out so bad they lost their lives and the ones who killed their entire family. Scott that got harmed by the police and can not talk straight yet. and all those harmed in the OWS by the police. The mothers and fathers stressing out at this very moment where they are going to park their almost empty tank, car where their family can be safe and not cold. The military in a foreign land coming back to no jobs, the paper mill people in Everett that just lost their jobs of years with no decent paying jobs out there, all the citizens whom incomes have disappeared and no relief insight. No I dont feel sorry for the people that knowingly helped put them their. I am sure some did not understand the crime they were committing, and I am sure some quit when they realized what damage was occuring from it. So I wont judge them, but I wont feel to sorry for them. Perhaps they will have a better understanding when they find they have no jobs out there do to this crime.

    • lvent says:

      These greedy criminals are ruining this country and the U.S. GOVERNMENT are all in ont it…ALL of the politicians are a disgraceful, greedy bunch of traitors…. I think it was CNN who reported today that 76% of Americans want to throw them all out! Now that is great news! I just hope they don’t fall for the Republicon trap.. both parties are corrupt and useless! WE really need third party candidates who are American Patriots and really get it..Has anyone noticed how dead the retail stores are this holiday season? Very unusual for suburban Chicago at this time of year…Even the discount retailers seem to be slow..either people are waiting til the last minute or just aren’t buying much this year because they are either afraid to spend the money or have no money to spend…The media hasn’t been saying much since the Black Friday broohaha…I really hope the people stick it to Corporate America this year..and stop buying their crap made in China…!

    • Bobbi Swann says:

      Shelly, Pam & Ivent – I am still here. Hard to post these days with this “time out” thing on the website and now I go to posts and I get “comments closed” or “error – item not found”. If the site has some sort of bug guess I will just have to wait until it’s corrected. In the meantime most of the posts have irritated me to the point that I would be taking a whole page to post my comments. I wrote letters this week to reps in Florida rather than posting. But count on me…..I’m still here….still fighting….and Citi has my mortgage so I’m thrilled that these people (probably most of whom I have spoken to) now are in MY position – KARMA! Now they will see what life is really like as I suppose most of them have mortgages to pay as well. No pity from me. They told us we knew what we were signing….well, they knew what crimes they were committing and ignorance of the law is not an excuse.

      • lvent says:

        I agree Bobbi..The Illinois AG’s office told me that I signed the contract..we proceeded to get into a screaming match..I told her that they altered the contract after I signed it so they nullified their contract…She said oh well, in that case file a complaint..They think if they just keep telling us the same lie over and over we will just believe it…

  2. Pamela Edwards says:

    I know I should feel sorry for them but they are now getting what they deserve for doing all the sneaky,slimey back door tactics that they pulled and never gave a second thought to all the people that thier antics affected.

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