Citigroup Received More Bailout Money Than Any Other Bank. 2011

Now, they are killing 11,000 jobs?

Citigroup Axes 11,000 Jobs, $1.1 Billion in Costs

Published: Wednesday, 5 Dec 2012
By: Javier E. David


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Michael Corbat, CEO of Citigroup

Citigroup plans to slash 11,000 jobs and close branches worldwide as part of a broad restructuring effort it hopes will save about $1.1 billion in expenses, the bank announced on Wednesday.

The moves, which the company said will result in a pre-tax charge of $1 billion against its fourth quarter earnings, comes as the mega bank tries to address structural problems that have resulted in a loss of confidence among investors, and precipitated the abrupt departure of former CEO Vikram Pandit in October.

The bulk of the layoffs, some 6,200 positions, are expected to come from global consumer banking -- an area in which the bank had recently invested money as part of an effort to create new efficiencies. (Read more: Inside Citigroup's Strategy to Become Global Consumer Bank.)

Citigroup is going under. The CEO's will exit with huge bonuses, ripping off the people again.

Unless Barry gives them another fat check.

This is just the beginning.

makes me far less sympathetic when they are themselves robbed.

Now that I believe could happen.