End of the Era of CitiGroup Era

[Leegimeremover]

Citigroup to cut 10 percent of jobs: source
Sat Nov 15, 2008 7:40am EST

By Dan Wilchins and Jonathan Stempel

NEW YORK (Reuters) - Citigroup Inc plans to shed about 10 percent of its global workforce, a person familiar with the matter said Friday, as the bank tries to return to profitability and faces mounting criticism of Chief Executive Vikram Pandit.

The cuts could result in a loss of roughly 35,000 jobs, based on the bank's reported 352,000-person workforce as of Sept 30. The cuts will be on top of the 23,000 jobs Citigroup has already slashed this year.................

 

[makapaaa]

Retrench Sporns and keep FTrash?

 

[imperialarms]

cut how many k also can but none will be ah nehs

 

[Merl Haggard]

Citigroup to cut 10 percent of jobs: source
Sat Nov 15, 2008 7:40am EST

By Dan Wilchins and Jonathan Stempel

NEW YORK (Reuters) - Citigroup Inc plans to shed about 10 percent of its global workforce, a person familiar with the matter said Friday, as the bank tries to return to profitability and faces mounting criticism of Chief Executive Vikram Pandit.

The cuts could result in a loss of roughly 35,000 jobs, based on the bank's reported 352,000-person workforce as of Sept 30. The cuts will be on top of the 23,000 jobs Citigroup has already slashed this year.................

CitiGroup share price is expected to bottom out at US$3.50 to US$4. GIC purchased 11% of CitiGroup at
US$33 & 12% of Merrill Lynch at US$29 per share in Dec 2007 will bleed most of the CPF savings till dry.

Good luck to all your CPF savings.

 

[allanlee]

Retrench Sporns and keep FTrash?

Shitty bank got sporns to retrench meh? As far as I know, the only sporns still employed by them are the part-timers...... 95% of their staff are FTs.

 

[NissanViP]

If my memory serve me well, Citigroup have less than 5% singaporean in their employment.

 

[Leegimeremover]

Citigroup to slash 50,000 jobs
By Peter Thal Larsen, Banking Editor

Published: November 17 2008 14 :17 | Last updated: November 17 ... :46

Citigroup is aiming to slash its global workforce by around 50,000 in the “near term” as part of an effort by the largest US bank to shrink its business after suffering heavy losses.

In a presentation to staff on Monday, Vikram Pandit, Citigroup’s chief executive, outlined plans to shrink its cost base by around 20 per cent from its peak to $50bn-$52bn next year. The bank also has a “near term” target for its workforce of around 300,000, compared to 352,000 at the end of September.

EDITOR’S CHOICE
Slideshow: Pandit’s presentation - Nov-17In depth: Finance job cuts - May-01Citi chief looks to rally the troops - Nov-16The plans, which were outlined in slides posted on Citigroup’s website, underscore the extent of Mr Pandit’s efforts to restructure the bank following a period in which it has suffered heavy losses on its exposure to complex debt securities, reported rising bad debts in the US, and raised $75bn in new capital from sovereign wealth funds, private investors and the US government.

Despite repeated calls for Citigroup to be broken up, Mr Pandit continues to defend the bank’s business model of combining investment banking and consumer banking operations around the world.

It was not immediately clear to what extent the new workforce target includes previously announced job losses. Citigroup said last month it had already cut its headcount by 23,000 in the first nine months of the year, while disposals could also shrink the bank’s workforce without further redundancies.

Nevertheless, the news is likely to add to the growing gloom in the financial services industry as the fall-out from the credit crisis intensifies.

Morgan Stanley and Goldman Sachs have already announced plans to cut their workforces, while it emerged last week that Royal Bank of Scotland is drawing up plans to cut 3,000 jobs from its investment banking arm.

In the presentation, Mr Pandit hailed the bank’s strong capital base, pointing out that the recent $25bn capital injection from the US government had boosted its Tier One equity ratio – a key measure of balance sheet strength – to 10.4 per cent.

However, the news did nothing to boost Citigroup’s flagging stock, which was down a further 40 cents or 4.2 per cent to $9.12 in early New York trading.

 

[angie II]

ho seh liao ah....

 

[jesus]

Good, less foreign trash on this island.

 

[eeoror88]

Those who are retrenched can apply for the many jobs at our shipyards. Not to worry.

 

[DerekLeung]

Ah nehs always fark us up!

 

[DerekLeung]

I bet LHL will blame Ah-Neh Finance Ministar !

 

[STUCK_HERE]

I worked there for 1 day. Shit place. I told them to keep the job and don't pay me.

 

[prince123456]

it has been known since day 1 that those problematic things always push to the minority ppl. so i wont be suprised if he get the blame

 

[Leegimeremover]

Listen to Uncle here, lah. White supremist USA punked the Indian CEO. Hahahaha. Stupid H is stupid H, don't understand anything fucking idealistic moniker. Fall in Siloti and mumbler shit? Eh, EDB, STB and IESingapore lanjiao shit! And more lanjiao sure fail tactics you have, losers?

 

[DarthRevan]

if citi ends, the economy might take longer to recover...

 

[klkang]

On the bright side, isn't this a good time to buy citi shares - I deem anything less then $4 to be bottom , and I dont think it will fail - too big and extended business model.

 

[DIVISION1]

On the bright side, isn't this a good time to buy citi shares - I deem anything less then $4 to be bottom , and I dont think it will fail - too big and extended business model.

Citibank will do fine. It is a good bank and both Temasek and GIC endorses it.

 

[lifeafter41]

Citibank will do fine. It is a good bank and both Temasek and GIC endorses it.

Please don't speak too soon and see what is going to happen to the share prices, since it is now at US$3.77.

Buy at above US30 and now at $3.77.

Nevertheless, in the event federal bailout is required, you can kiss your equity good regardless on whoever endorses it.

 

[Black Swan]

another week, another Monday, another bailout...

Citigroup Gets Government Guarantees on $306 Billion of Assets
2008-11-24 05:54:16.90 GMT


By Bradley Keoun
Nov. 24 (Bloomberg) -- Citigroup Inc. will have $306 billion
of troubled mortgages and other assets guaranteed by the U.S.
government under a federal plan to stabilize the lender after its
its stock fell 60 percent last week.
Citigroup also will get a $20 billion cash infusion from
the Treasury Department, adding to the $25 billion the bank
received last month under the Troubled Asset Relief Program. In
return for the cash and guarantees, the government will get $27
billion of preferred shares paying an 8 percent dividend.
The Treasury, Federal Reserve and Federal Deposit Insurance
Corp. said in a joint statement that the move aims to bolster
financial-market stability and restore economic growth. The
decision came after New York-based Citigroup’s tumbling share
price sparked concern that nervous depositors might pull their
money and destabilize the company, which has $2 trillion of
assets and operations in more than 100 countries.
“It really was a must-do thing,” said Nader Naeimi, a
Sydney-based strategist at AMP Capital Investors, which manages
about $85 billion. “If they’d let Citigroup go, that would’ve
been disastrous.”
Chief Executive Officer Vikram Pandit, 51, told employees
on a Nov. 21 conference call that he doesn’t plan to break up
the company. He and Chief Financial Officer Gary Crittenden said
they don’t expect to sell the Smith Barney brokerage unit, two
people who listened to the call said at the time.
Citigroup’s board, led by Chairman Win Bischoff and
independent director Richard Parsons, met the same day to
discuss the bank’s options.
Citigroup issued a statement last week saying the company
has “a very strong capital and liquidity position and a unique
global franchise.”