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In October 2008, a desperate Vikram Pandit, CEO of Citi, said the financial firm had no alternative than to cut 50,000 jobs as part of a plan to knock down expenses by 20%. ... Ma Bell cut 12,000 ...
On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four-quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010.
In January 2024, Citi reported a $1.8 billion loss in the fourth quarter of 2023 and announced plans to cut 20,000 jobs, roughly 8% of its workforce. [85] At the bank's 2024 investor day, Citi highlighted its Services division, which produces income from "financial pipes". [86]
The crisis had severe, long-lasting consequences for the U.S. and European economies. The U.S. entered a deep recession, with nearly 9 million jobs lost during 2008 and 2009, roughly 6% of the workforce. The number of jobs did not return to the December 2007 pre-crisis peak until May 2014. [3]
Citigroup CEO Jane Fraser is betting a dramatic restructuring can revive the lender's stock price and remove decades of bloat.On Friday she disclosed how deep those cuts will go. The New York bank ...
What feels different here is that the bank is pointing where the cuts will be and quantifying those cuts. Citigroup Inc. (NYSE: C) may be announcing a restructuring effort today, but the move may ...
February 22, 2008: Northern Rock: Government of the United Kingdom: Retail and mortgage bank [7] April 1, 2008: Bear Stearns, New York City: JPMorgan Chase, New York City Investment bank $ 2.2 × 10 ^ 9 [8] June 7, 2008: Catholic Building Society: Chelsea Building Society: Building Society £ 51,000,000 [9] July 1, 2008: Countrywide Financial ...
Citigroup will cut 20,000 jobs over the next two years, the bank said on Friday, after reporting a $1.8 billion quarterly loss driven by a string of one-off charges. ... Citi to cut 20,000 jobs ...