Financial News Story of the Day – Citi Cuts 4,500 Jobs
Citigroup plans to eliminate about 1.5% of its employees, representing 4,500 jobs, according to CEO Vikram Pandit. CEO’s don’t really seem to do that much other than living it up when things are good and firing people when things are bad – ever heard of saving for a rainy day? Citi is expected to take a $400 million charge in the Q4 of this year as a result of the layoffs…right on time for the Christmas season (source: Finance.Yahoo.com).
Excerpt: “Other banks have also been cutting staff. Last month, Swiss lender UBS told investors it is downsizing its investment bank to 16,000 people by 2016 from the current 18,000 as the bank tries to reduce its exposure to risk. In September, Bank of America Corp., based in Charlotte, N.C., said it would cut 30,000 jobs over the next few years.”
Daily Finance Summary – Occupy Movement Evolves
- The Occupy movement is spreading to D.C. where protesters are expected to target the patent office and foreclosures
- Many consumers are expected to spend less this holiday shopping season according to the NYTimes.com
- Apple is opening one of its biggest stores ever in Grand Central Terminal in New York
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