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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey D who wrote (8836)	12/15/1998 6:49:00 PM
From: Jeffrey D	Read Replies (1) \| Respond to of 42834

Citigroup to lay off over 10,000 employees. << Citigroup Plans 10,400 Job Cuts -------------------------------------------------------------------------------- NEW YORK (AP) -- Ending months of speculation, Citigroup Inc. released details Tuesday of the human and monetary costs of consolidating its diverse empire of financial services. Citigroup announced that 10,400 people, or 6.5 percent of its work force, would lose their jobs as overlapping operations are cut. Analysts had been expecting around 8,000 job cuts. About 35 percent of the job cuts, or 3,600 jobs, will be made in the United States. Citigroup also said the restructuring would take a huge $900 million bite out of its profits, most of which would be taken in the fourth quarter. >> Let's see, Boeing lays off over 20,000, others laying off thousands of employees, you have to wonder where in the world the displaced are finding new jobs? They all can't be official greeters at McDonalds can they? We might not have an unemployment problem but I bet we have an underemployment problem. Jeff