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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (5808)	11/15/2001 7:27:12 AM
From: LTK007	Read Replies (1) \| Respond to of 99280

Downsizing and Layoffs dailynews.yahoo.com · Citigroup to Cut 7,800 Jobs - AP (Nov 14, 2001) · Citigroup, Am. Express See Big Job Losses - Reuters (Nov 14, 2001) · Qantas Cutting 6 Percent of Workers - AP (Nov 14, 2001) · Citibank, American Express cutting jobs - CBS MarketWatch (Nov 14, 2001) · Jobs are lost from coast to coast - The Guardian (UK). (Nov 14, 2001) Wednesday November 14 8:29 PM ET Citigroup, Am. Express See Big Job Losses NEW YORK (Reuters) - Two leading U.S. financial firms are making big job cuts, according to financial filings and executive comments on Wednesday, as the downturn in the economy, aggravated by Sept. 11, bites into business. Financial giant Citigroup Inc. (NYSE:C - news) plans to cut about 7,800 jobs after acquiring Grupo Financiero Banamex-Accival for $12.5 billion, according to a regulatory filing on Wednesday. Citigroup plans to eliminate about 4,200 jobs in its existing operations and another 3,600 positions at Banamex, according to a filing with the U.S. Securities and Exchange Commission (news - web sites). About 50 of those Banamex job cuts will be in the U.S., the filing said. ``As we have said before, we seek to create the most efficient operations as possible for our customers, which means eliminating any duplications that exist,'' said Christina Pretto, a Citigroup spokeswoman. Taking into account the job cuts, Citigroup will lose about 12,500 people this year, about 5 percent of its 250,000 global payroll, CEO Sandy Weill said in an interview on CNBC. American Express Co. (NYSE:AXP - news), which is already cutting 6,100 jobs, is also planning more cuts. ``In light of the current business conditions and the weak economic outlook, the company continues to reassess its costs and infrastructure, which it expects will result in further job reductions in the near and intermediate term,'' it said in its quarterly filing with the SEC on Wednesday.>> what are they talking about--weak economic outlook??.Gees this gets so confusing. Max