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- Citigroup planned to eliminate more than 50,000 jobsBloomberg.com: Citigroup Chief Pandit to Reduce Headcount by 50,000
- News of the layoffs came in a website presentation on November 17, 2008Citigroup: Town Hall Meeting
- Citigroup said staff levels would be reduced in the "near term"Citigroup: Town Hall Meeting
- The company also planned to cut expenses by 20 percentBloomberg.com: Citigroup Chief Pandit to Reduce Headcount by 50,000
- Prior to November 17, 2008, Citigroup had cut 23,000 jobs over four quartersCNN Money: Citigroup to cut more than 50,000 jobs (November 17, 2008)
- Company had lost more than $20 billion over previous four quartersCNN Money: Citigroup to cut more than 50,000 jobs (November 17, 2008)
- In November 2008, Citigroup announced it would raise credit card rates for some customersThe New York Times: Despite Pledge, Citigroup to Raise Credit Card Rates...
- Company blamed the "difficult market environment" for the decision to boost ratesThe New York Times: Despite Pledge, Citigroup to Raise Credit Card Rates...
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Citigroup announced it would cut more than 50,000 jobs, or about 14 percent of its workforce, as part of an ongoing effort to cut expenses in the wake of the global economic crisis. The announcement came on November 17, 2008. The company also planned to cut expenses by about 20 percent.Bloomberg.com: Citigroup Chief Pandit to Reduce Headcount by 50,000
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"What all of us have done— and perhaps injudiciously— we've added a lot of people over…this very benign period. If there is a reversion to the mean…those job losses will obviously fall particularly heavily on the financial sector. Certainly they will fall particularly heavily on London and New York."— Citigroup Chairman Win BischoffThe Street: Citigroup to Cut Another 53,000 Jobs (November 17, 2008)-
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Citigroup Layoffs Questions
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History of AOL Layoffs 2 AnswersBoomtown announced on January 28, 2009 that AOL, which is one of Time Warner online units, is cutting 700 employees, approximately 10 percent of its workforce. ... read more -
What was Citigroup credit card loses in 2008? 2 AnswersThere is no exact number, but Citigroup "lost $176 million in the second quarter packaging card loans into securities" read more -
Does Citigroup look debt heavy? 1 AnswerCitigroup is obviously not a healthy company right now. It does owe mountains of debt. That's clearly one of the reasons its stock price is so depressed and why... read more
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How much cash does Citigroup have? 1 AnswerAs of March 31, 2009 ( latest published numbers available ) On a consolidated basis ( all subsidiaries ) the number for currency, coin, cash and "due from banks... read more
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