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"Citigroup Inc. (C), the third-biggest U.S. bank, said it will take a pretax charge of about $1 billion this quarter as part of a plan to eliminate more than 11,000 jobs. “These actions are logical next steps in Citi’s transformation,” Chief Executive Officer Michael Corbat said today in a statement. “While we are committed to -- and our strategy continues to leverage -- our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns. The plan will eliminate about 1,900 jobs in the institutional clients group, New York-based Citigroup said."

http://www.bloomberg.com/news/2012-12-05/citigroup-to-take-1...
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Clearly this is because tax rates are too low and we need to raise them and avoid the Fiscal Cliff before other companies do the same. The Fiscal Cliff is about to become the big scapegoat in the economy.

When in reality it's only a partial reason. ObamaKare, Euro Crisis, poor business decisions. Anything a company does that negative will be blamed on the Cliff even when there are other reasons.
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No. of Recommendations: 3
Citibank has been downsizing their overbloated holdings since the financial crisis began. This is not surprising, and reflects more on the health of Citibank than on the health of the economy.
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This is not surprising, and reflects more on the health of Citibank than on the health of the economy.

Yeah, you can't expect a place like Citi to thrive just because the whole rest of the US economy is thriving with the GDP through the roof.
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"Yeah, you can't expect a place like Citi to thrive just because the whole rest of the US economy is thriving with the GDP through the roof."

Last I looked, "C" shares up $2.70 today on the news.

Ken
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Who cares about workers!! The stock it up!!!
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"Who cares about workers!! The stock it up!!!"

Make up your mind.

Ken
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No. of Recommendations: 1
So you think if a stock is up that the company is thriving despite downsizing.
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When IBM was shedding jobs and the stock was rising, conservatives seemed to think that was great.
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"So you think if a stock is up that the company is thriving despite downsizing. "

I think a business decision was made by Citi for future "thriving."

Ken
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