When you have billions in a position, you do everything in your power to make the trade go your way? SAN FRANCISCO (MarketWatch) -- Citigroup Inc. executives are putting the finishing touches on a restructuring plan that is likely to involve around 15,000 job cuts from the global banking company's 327,000 employees and a charge against earnings of more than $1 billion, according to a media report Monday. Last summer, Citigroup's largest individual shareholder, Prince Alwaleed bin Talal, demanded that the company take "draconian" steps to reduce expenses, according to the report. http://www.marketwatch.com/news/sto...5B1-47BD-8587-4AA7C40CC7E8}&dist=MostReadHome
They must act now, that they are doing well, so expenses don't get out of hand. Some financial companies -mainly banks- have gone down because of expenses, even if their revenues are good enough.
this is very positive for the markets once again as more and more people in the formerly good U S of A , loose good jobs the markets can only go higher , as this country can only go lower into the terd world toliet .
It seems that almost all jobs in America could now be done overseas, for much less. Corporate restructering and layoffs will start to increase during the coming downcycle in corporate earnings growth. A good portion of these lost jobs will be replaced by cheaper overseas labor and automated systems. I see a future of higher "Under employment" in America. The unibomber saw this coming. Insane but brilliant..
no doubt non farm payrolls will still be higher over the next few months as they set about fiddling their hedonic bullshit numbers.
Ironically, all of these banks and Investment Banks have been on a nonstop cost cutting spree since 2001. They are very heavy users of offshoring to India. So where are these "new" expenses coming from? It might be, just might, that the whole India offhoring scam cannot be hidden so well anymore and the real numbers have to be faced, although they won't be. Or maybe it's the useless managers and executives. Or maybe it's the deterioration of quality which ends up in either lost business or last minute repairs which are very expensive. Either way, this is very bad news and could be the final strike. The financial industry is barely keeping this job market afloat. Once that goes, it's only the government left.