UPDATED: Citigroup to Fire up to 32,000
NEW YORK -(Dow Jones)– Citigroup is expected to cut jobs, CNBC’s Charlie Gasparino reported Wednesday, although he did not specify when the layoffs would occur.According to Gasparino’s internal sources at Citi, the financial firm is expected to lay off 5% to 10% of its work force, which would account for as many as 32,000 employees.Citigroup shares were down 4.8% at $31.64 in recent trading.-By Steven Russolillo, Dow Jones Newswires: 201-938-2205, steven.russolillo@ dowjones.com
Citigroup now employs about 1880 people in Delaware.(source: NJ)
I know some people who will be significantly impacted by this. Delaware being small, I’m sure you do to.
You know who I blame.
I blame George Bush, Mike Castle, Tom Carper and Grover Norquist in that order.
The other shoe has FINALLY dropped on Bush and his toady enablers like Castle and Carper who for the past eight years pretended that Norquist had a legitimate vision for how to run an economy.
Cut taxes, then cut taxes, then cut taxes and blue birds will light on everybody’s shoulders and gumdrop trees will sprout next to rivers of chocolate syrup. Everyone can be a millionaire because you can buy a $500,000 house with no money down and sell it in two months for $750,000.
Well, that turned out to be hooey.
(BTW – Grover Norquist thinks Mitt Romney should be the President of the United States. ’nuff said.)
Wow, that didn’t take long…..I am counting 6 hours?
See what happens when you elect Democrats?
“You know who I blame.”
Mike Castle?
Who do you blame? I happen to work for Citi. Go ahead – I would love to hear this.
They’ve been threatening for years to move DE offices to some podunk town pretty much owned by Citi in Illinois.
The good news: The last few numbnuts who think that “Club for Growth” type economic policies make sense should be rendered unelectable.
I don’t think Carper voted with Bush on tax cuts… But he cannot escape blame for the bankruptcy bill and other corporatist policies that got us to this place.
Plus is big one for me is that he chaired Bush’s election campaign TWICE! …TWICE!!!
The first time…okay. The second time WTF?! It was not like he did not what Bush was all about by the time his re-election came around.
Castle wants his life to be an accountability free zone. I’m looking forward to his statement on SCHIP today. It should be a knee slapper.
You know who I blame?
Citigroup.
Of course you do Dave, because if you blamed the Government then you would look like a hypocrite.
But hey this is just the invisible hand at work in a free market economy.
You know what Dave? I want a Republican like you to do my performance appraisal this year.
With GOPer’s the less effective you are, the better. And actually fucking things up gets you the corner office.
You know who I blame? Citigroup.
Hold that thought, because we are going to remind you of it as the layoff announcements roll out from all the other banks and corps.
And I am sure that the mortgage brokers who developed mortgage schemes (e.g. ARMs, teaser rates) to scam homebuyers had no role in this….
And I am sure that real estate agents who pushed for homebuyers to buy that McMansion, they cannot afford (for a higher commission) had no role in this….
And the homebuyers who cannot read a newspaper, and no business buying a home, had no role in this…..
And the investors who bought homes on speculation that they would go up, had no role in this….
Jason O’Neil – it is charming (and a bit sad) that you want to create an accountability free zone around the Prez and Mike Castle – but let’s not forget that, prior to the Bush/Castle years, we had laws in place to prevent the kind of lending and borrowing you describe.
“We only send one – Let’s send our best!” Right?
None of those scumbags would have been pushing their junk mortgages if Citi and the other banks weren’t buying them.
And Citi wouldn’t have bought them without the lax oversight policies they obtained from the Bush admin.
This isn’t about Citi.
In addition, Federal audits of financial institutions are charged with determining whether banks are lending beyond their means. Somehow, the federal audits over the past ten years didn’t pick up on the fact that the banks had insufficient capital to make so many substandard loans. You don’t think it was because certain federal politicians were squarely in the pants pockets of large banks?
I can’t help but think of that article a few months ago, when billionaire Sandy Weill boasted how President Clinton got rid of the old regulations to let him setup the modern Citigroup. Doesn’t quite look the same now.
Robbers & Thieves in Pinstripes…one and all.
Oh, that’s right. We couldn’t possibly hold companies responsible for their own performance. I forgot where I was.
you agree to hold both responsible dave and we can call it even….
I can’t help but think of that article a few months ago, when billionaire Sandy Weill boasted how President Clinton got rid of the old regulations to let him setup the modern Citigroup. Doesn’t quite look the same now.
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Exactly why we do not need a DLC scumbag corporatist like Hillary in office.
Part of the reason for this is that they bailed out their own SIVs instead of having the government do it, and it put them in a weaker overall position.