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Citigroup axes 50,000 jobs

November20

Where is the world want to go? Citigroup (biggest bank in USA) is near to announce the bankruptcy after billions $’s of losing. Here is the news:

” Thousands more jobs are in danger after the world’s biggest bank announced a huge round of redundancies yesterday. Citigroup is cutting 52,000 jobs after losing £13billion over the past year. Chairman Win Bischoff warned that the axe would fall ‘particularly heavily’ at Citigroup’s European headquarters in Canary Wharf, East London, where the U.S. bank employs more than 10,000.


The purge at Citigroup –which comes on top of 23,000 job losses already announced - will intensify fears of further cuts in the banking sector. Royal Bank of Scotland is preparing to slash 3,000 positions at its investment banking division after losing billions on ‘toxic’ U.S. mortgages. And Wall Street giant Goldman Sachs is getting rid of 3,200 staff in a move that threatens hundreds of jobs at its City operation.

Even HSBC, which has emerged from the credit crisis relatively unscathed, is axing 450 staff in its Hong
Kong office as the Asian economy stalls. The cutbacks will see tens of thousands of posts go in industries servicing the banks, such as printers and catering and security firms.

The Centre for Economics and Business Research also predicts that more than 30,000 estate agents could lose their jobs as a result of the housing market collapse. Most of them work in sales, because this side of the business is virtually paralysed. Ben Read, the CEBR’s managing economist, said: ‘Estate agents are reducing staff to skeleton levels.’

Source: dailymail

posted under News
4 Comments to

“Citigroup axes 50,000 jobs”

  1. On November 24th, 2008 at 6:41 am Feras Says:

    That is really scary!

    They got greedy and started loaning people that couldn’t pay off their debts, so I guess it could be a while before the economy goes back on track…

  2. On December 9th, 2008 at 2:22 am admin Says:

    Yes Feras

    and it may take a several years to get back to the normal situation

    Thank you

  3. On December 12th, 2008 at 8:58 am Farouq Alzouman Says:

    this is just the start. Today, Bank of America announced they will have make a big cut up to 35,000 jobs! Plus this, the senate also said they are not gonna help the car industry today, which is the start of the biggest bankruptcy in the car industry in the US.

  4. On December 13th, 2008 at 2:29 pm admin Says:

    Hi Faruoq,

    Moreover , and yesterday the financial markets drop down again after the rejection of the senate ..

    Do you know that there are more than 2.2 MILLIONS how work know in car industry in US?

    what are the effects if the bankruptcy happen?!

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