50,000 Jobs to be Eliminated at Citigroup

By
Real Estate Agent with ERA Queen City Realty

Citigroup, thought to be one of the more conservative players in the financial industry, hasn't gone unscathed by the mortgage meltdown.  While, Citgroup has not made a play to acquire any struggling competitors, it has likewise not been a target for a takeover.

Citigroup's problems were highlighted back in January of this year in an article by Charlie Gasparino for CNBC On Air entitled Citigroup's Layoffs Could Reach 24,000 This Year. The projection was reflective of the anticipated impact from the downturn in the market combined with a portfolio of non-performing sub-prime loans.

Fast forward to this morning and we now get news that the number of layoffs has risen from 24,000 to 50,000 worldwide. There is no information on the numbers specific to the united States at this time. However, one could speculate that the company's base will probably be hit the hardest. That means that New York will probably be reeling from this latest announcement.

 

Posted by

 Looking for a central New Jersey real estate professional, let me google that for you!

ActiveRain Profile                                  Collins Realty Buzz                    Always There For You  LinkedIn Profile          Facebookj Profile       Twitter Profile

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Tags:
citigroup
financial bailout
mortgage meltdown
mortgages
real estate

Comments 16 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
738,141
Jeff Belonger
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Social Media - Infinity Home Mortgage Company, Inc

William.... it is getting ugly out there.  Even those that you think are safe, aren't.  On another note, I hope all is well.. I haven't seen you around in the last 3 weeks. You have been one of my stronger supporters of lately. And I actually wanted to pay it forward, but haven't seen you pop lately. 

jeff belonger

December 10, 2008 03:36 AM
Rainer
191,858
Tim Ludemann
Sand Castle Realty Group, Inc.

What crazy, sad and yet oportunistice time...Thanks for the info on Citi and best of luck in 2009.

December 23, 2008 11:00 AM
Anonymous #14
Anonymous
Candis Pressley

Hi Bill,

I see you have really got this bloggin thing down.  I'm a novice. How did you get all those darn points!!! Check out my page www.activerain.com/cjpressley.

Your Realtist Sista,

Candis

January 02, 2009 09:56 AM
Rainer
14,135
Adriano Tori
REMAX Eastside Brokers

there is a book highly informative and educational that predicts the failure of those do it all corporation , the book is Focus by Al Ries a must read for all small business owners. " you can't be everything to everyone.

January 26, 2009 06:25 PM
Rainmaker
81,870
dgedtrger qwertertr
The People's Home Mortgage

And just think..this company didn't even get involved in sub prime lending and look where they are.  Go figure.

 

Chris Hallmark

homes nj for sale

February 03, 2009 03:11 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the world to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
198,339

William Collins

Director of Property Management
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Thought provoking commentary on things real estate related.