Citigroup laying off 20% of it's workforce

Well the OP's tone and post were nothing like the stuff you mention below. He wasnt screaming for doom and gloom, he seemed to be passing along something he heard today. Just because its "bad" news doesnt mean it's untrue.

Lets face it, the "system" is broken. It may or may not be fixable. Time will tell. But massive layoffs are a guarentee, so it doesnt seem far fetched that C could lay off this many people as time goes on.


Quote from staffpro:

no i know but my point is that some of those posts were absolutely ridiculous, that board was like a comedy show the whole week before the bankruptcy.

First it was Rumor mongering
then it went to saying "my mom is the ceo's assistant" then "jews vs zionists" then to "barack obama is a terrorist" to "mccain is a fag" to " i lost my life savings in lehman" to "buy lehman for .12 CENTS IT IS NOT BANKRUPT"

... priceless
More...
 
This is what happens when a guy (staffpro) has been averaging his long losers and is approaching margin call time.

He's in other threads berating anyone who says anything negative. He's very grumpy right now.
 
Find out how big are the marketing teams in all the institutions, if we are heading into a recession they will be the first ones to be laid off.
 
NEW YORK--(BUSINESS WIRE)--October 16, 2008--

Citigroup Inc. (NYSE: C) today reported a net loss for the 2008 third quarter of $2.8 billion, or $0.60 per share, based on 5,342 million shares outstanding. Results included $4.4 billion in net pre-tax write-downs in Securities and Banking (See Schedule B on page 10), $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves.

-- Headcount reduced by approximately 11,000 since the second
quarter 2008 and approximately 23,000 in the first nine months of 2008.
 
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