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Author: LurkerMom Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1961189  
Subject: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 10:58 AM
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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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Author: cjb44 Big funky green star, 20000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842435 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 11:49 AM
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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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Author: jdp245 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842479 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 3:09 PM
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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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Author: SaintPatrick1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842480 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 3:17 PM
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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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Author: kenm47 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842484 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 3:26 PM
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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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Author: SaintPatrick1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842486 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 3:28 PM
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Who cares about workers!! The stock it up!!!

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Author: kenm47 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842488 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 3:30 PM
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"Who cares about workers!! The stock it up!!!"

Make up your mind.

Ken

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Author: SaintPatrick1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842505 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 4:02 PM
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So you think if a stock is up that the company is thriving despite downsizing.

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Author: BlueGrits Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842524 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 5:12 PM
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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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Author: kenm47 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1842555 of 1961189
Subject: Re: Citigroup To Eliminate 11,000 Jobs Date: 12/5/2012 7:14 PM
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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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