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Hewlett-Packard Company Message Board

  • unclefulbert unclefulbert Dec 5, 2012 9:54 AM Flag

    These so called job creators are destroying jobs again, stock up 4.2%

    Citi to cut 11,000 jobs, take $1.1 bln of charges 12/05 06:28 AM


    NEW YORK (MarketWatch) -- Citigroup Inc. (C:$35.79,00$1.50,004.37%) said on Wednesday that it will cut another 11,000 jobs around the world and take $1.1 billion of pre-tax charges in its latest move to cut expenses. Citi said it expects the moves to cut $1.1 billion of annual expenses by 2014, while reducing revenue by less than $300 million a year. The company said 25% of the charges are expected in the Securities & Banking unit, with another 10% in Transaction Services -- 1,900 jobs will be cut at those units. It said about 35% of the charges, and 6,200 of the job cuts, will come from its Global Consumer Banking business. The rest of the cuts are spread across the company.

33.595+0.215(+0.64%)2:27 PMEDT