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Recession beginning to bite badly

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    Recession beginning to bite badly

    Just three headlines today.


    Citigroup set to cut 75,000 jobs


    US bank Citigroup has announced plans for up to 75,000 job cuts, up from a previously announced total of 23,000.
    Citigroup said in a statement that the cuts represented a reduction of about 20% of its staff, leaving the bank with 300,000 jobs worldwide.
    The cuts will come from redundancies, the sale of units and natural wastage, the bank said.
    Citigroup has lost more than $20bn (13.6bn) in the past year because of the global financial crisis.
    "Underlying business remains strong and revenues have been stable," the bank said.
    Citigroup also said its capital position was "very strong".
    The bank expects its expenses to be down 20% from peak levels after the job cuts have taken effect.



    BBC NEWS | Business | Citigroup set to cut 75,000 jobs



    'Close to 3m unemployed' by 2010
    http://news.bbc.co.uk/1/hi/business/7732223.stm


    Japanese economy now in recession
    http://news.bbc.co.uk/1/hi/business/7732733.stm

    #2
    Re: Recession beginning to bite badly

    It is so sad . The greed and mismanagement of few is hurting millions. Still there is no guarantee that this will not happen ever again. I can understand great depression , I can understand tech bubble. This recession is purely because of misdeeds of a few. No controls or checks are being developed and put in place to make sure that miss management and greed do not create such a situation ever again.
    Fools never disagree.

    Comment


      #3
      Re: Recession beginning to bite badly

      ^^ this recession is cuz of greet of the whole america, thats affecting the whole world now. consumers were also a basic part of this huge mess.

      yeah pandit announced 53000 job cuts, it means more layoffs, more jobless claims, more money going out from federal till, wow perfect scenario eh.
      KON DETA HAI OMAR BHAR KA SAHARA FARAZ
      LOG TU JANAZAY MAIN BHI KAANDHAY BADAL'TE REHTE HAIN

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        #4
        Re: Recession beginning to bite badly

        ecoshan, while us had the biggest issue wit greed the same sort of real estate speculation happened in many other places as well, US just had the largest number of people.

        but the real damage was not at consumer level, their greed would not have been satisfied if the lending was done in a sane manner, but it was not, those who gave loans, those who bundled them and sold off and those who bought them either were greedy to a crmiminal or negligent level or were incompetent.
        Your friendly neighbourhood fraudiya loafer luccha lufanga awara ayaash aubaash ghunda badmaash man

        Comment


          #5
          Originally posted by X2 View Post
          ecoshan, while us had the biggest issue wit greed the same sort of real estate speculation happened in many other places as well, US just had the largest number of people.

          but the real damage was not at consumer level, their greed would not have been satisfied if the lending was done in a sane manner, but it was not, those who gave loans, those who bundled them and sold off and those who bought them either were greedy to a crmiminal or negligent level or were incompetent.
          wat ever u said is true bhai, and i cant disagree with anything u said.
          the only point i wana make is that if the "global recession" came at the same time in the whole world togethor cuz the reason was same, if it had happened in diffrent countries at diffrent times then we might say that it didn happen cuz of one culprit.

          Russia, Sarkozi from france, brown from UK and harper from canada said the samething
          KON DETA HAI OMAR BHAR KA SAHARA FARAZ
          LOG TU JANAZAY MAIN BHI KAANDHAY BADAL'TE REHTE HAIN

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