Citigroup to cut another 53,000 jobs
November 17, 2008
Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the bank , suffering massive losses , is trying to stay afloat, despite the massive taxpayer bailout.
The company has been bleeding cash and is in a precarious situation. The company is currently trading at 8.93, a level not seen in over a decade. The total headcount is being reduced by 20 percent from its peak of 375,000 at the end of 2007.. meaning it’s bleeding cash and employees a near depression levels.
This is prime example of what 2009 will look like.
You cannot run an economy without banks, and from what it appears, this is exactly what we are doing.
Enjoy the recession, it’s going to get worse.
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