Citi to Axe 53,000 Jobs World Wide
As Smitty points out, some of those folks cut will no doubt be having a lean Christmas.
He links to the citigroup article that contains a statement by Citigroup Chairman Win Bischoff (speaking from a business forum in Dubai, United Arab Emirates) which lays out the company line that that many of the cuts will be of people who were added to the payroll injudiciously during the good times.
“If there is a reversion to the mean … those job losses will obviously fall particularly heavily on the financial sector,” he added.
A reversion to the mean” indeed.
I think this is all Gov. Minner’s fault.
nemski – it very well could be ( 😉 ), but the better snark would be to blame Clinton.
Hopefully they’re also going to exit the moribund SIV business. I seriously hope someone on the House Banking Committee is drafting new regulations on Credit Default Swaps as we speak. That really can’t happen soon enough.