Citi Firing 60,000, Chairman May Still Lose Job

" O Foolish Americans, who hath bewitched you?"

Why not look for better CEO and Chairnan.......But most of all knows Banking.........

A POX on them all.

the horror... the horror!

When will Americans learn to live within their means? None of us need all the possessions we have. Give up the expensive toys, find a volunteer job to help someone less fortunate, and be happier!

CEO buying shares is a positive news. I will buy C again if management buys another chunk like this one. In this time, unfortunately, lay-offs etc have become inevitable. They are happening everywhere so I am not surprised. I agree that cutting cash bonus and instead offering shares at slight discount to market value for higher management should show even more confidence. I think Q4 results will shed some light on the progress. It seems there was progress in last three quarters as charge-offs on mortgage losses is decreasing. But then with economy falling further, other liosses could come up.

Shows a complete absence of ideas among senior management.

Why not just give him a $50 million bonus for his "wise" decisions?

Greed and a self centered, short term view has this company as well as many others upside down. The race to the top at any cost is turning into the bottom falling out at huge cost to us. Bad decsions and bad choices yeild accordingly. That's what we teach our kids maybe its back to school time for CEO the board of directors and the buisness managers.

They will bleed their credit card customers more by raising rates since they're hurting also. This will lead to more defaults and more problems for both Citi and the economy. Very classy move Citi.

Citi, HSBC....these are the next companies to fail in 2009. 1. $2,000,000,000 equity spent 2001--2006 no longer avail 2. $2,500.000.000 to be wriiten off in reduced equity on foreclosures and Bankruptcies 3. $1,750,000,000 lost in interest payments on mortgages, car repose, credit cards 4. $3,000,000,000 lost wages due to job losses. Q: what will power GDP in the next 4 years?

Citigroup's loan portfolio is severely screwed in terms of risk. It concentrates on the easiest, volume-driven consumer loans such as credit cards and mortgage loans including the most poisonous option ARM. The bank must diversify its loan portfolio to various types of loans and areas so that it gets the long-term benefits from value-driven, diversified portfolio to survive. Otherwise, I don't think it will survive in the next 5 years because within the next 5 years, lending environment will get more harsh to consumer lenders like Citigroup.

angiandchip .. " O Foolish Americans, who hath bewitched you?" .. wtf? its not us its all the foolish imigrants from europe and everywhere else trying to keep up with the Jone's

Well, the original sinn is the odd choice of appointing as Chairman of Citigroup an old style investment banker who has never made or approved a bank loan in his entire career, has serious problems to understand the complexities of todays securities and derivatives markets (not his fault, but Citi is all about Solly-style highly toxic stuff not UK gilts !) and, last but not least, hasn't the sligthest clue about retail and consumer banking...whether a former hedge fund manager can do better as Citi's CEO is equally puzzling, but that's another story...

Screw the credit card companies. They have been screwing us for years. Rip up the cards and put your money into the bank instead. The economy will grow slower but let the others worry about their credit card interest rates.

Hey Sherrie S, would it be smarter to keep your income producing job and also live within your means.

The credit card companies could not send out enough preapproved credit card. Call this number and startr using this card. I personally was shredding on average two to three preapproved apps a week, that went on for months. No bailout money for these guys. Let them sink

Reducing consumption / greed / possessions would not fix the 'problem' of cycling marketplaces and the attendent pain. It would lower the baseline, but would not eliminate cycling. A free market will always be subject to ebb and flow.

HSBC will not fail THE ORIENTAL LIKE IT AND THE ARABS......PLUS THE CHINESE..............TRY TO DO SHORT SELLING ON IT AND YOU WILL YOUR SAVINGS AND HEAD TOO......

Ah, trickle-down economics in reality. If it's bad it trickles down fast! If it is good it stays at the top with nary a whisper to the bottom. Ha! or even to the middle!