Citigroup to 15,000 Jobs

Chuck Prince is in India, and the New York Times tagged along:

Mr. Prince’s stop in India comes just weeks before Citigroup will announce a broad restructuring plan that could involve the elimination or relocation of as many as 15,000 high-cost jobs from areas including New York, London and Hong Kong, several executives briefed on the matter say. The net job loss could be 10,000 to 12,000, some through attrition.
Citi’s consumer operations will be hardest hit, with front line and back office operations affected, they say. The corporate and investment banking businesses may be hard hit, with several thousand jobs lost, they say.
Managers in these units have been asked to review highly paid employees and look for places to cut fat, particularly just below managing director level.

Shouldn’t managers always be looking for places to cut the fat? Over the last three years, Citi’s stock is basically flat while the market is up around 30%.
I wonder if there’s any message to read BREAK in between IT the lines UP.

Posted by on March 26th, 2007 at 12:02 pm

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