Credit Giant Citigroup to Cut Jobs
Another casualty of the increasing credit and mortgage crisis is going to be jobs and livelihoods of many workers for one of the largest credit conglomerates in the US today, Citigroup. You may even have a credit card or a loan bearing their name, however, this wasn’t enough to save the giant from the current crisises facing our economy today.
The corporation announced recently that they will be cutting as much as 5% of their workforce in anticipation of their new CEO and management strategy to better line themselves up with today’s economic and credit climate.
Apparently Citigroup’s current financial conundrum is largely due to it’s dealings in subprime mortgages which didn’t pan out as expected, and the company ended up writing off a lot in losses, and reported a loss in the billions to its shareholders because of this.
The companies other woes have been somewhat of an exodus of leading management and strategic planners and investers, especially after the company announced it’s losses for the last quarter, however the company is looking forward to regrouping and finding new leaders that are up to the challenge of pulling them out of the quaqmire that so many other lenders and creditors have found themselves in as of late.
With the mortgage market the way it is now, I’m also reading that it may be a good time to snatch up some of the stocks that are now at bargain basement prices since the market is bound to rebound at some point, they just warn to think of it as a long term investment since it’s anyone’s guess when it actually pulls out and rebounds fully. Care to venture any guesses?
