Nov 26, 2007


Part of a series The Great American Write-Down

CitiGroup (C) wrote $2.2 billion off in the third quarter and estimates for the next two quarters are in the range from a low of $8 billion to a high of $21 billion.

CitiGroup just made an announcement that there would be a new round of cuts. The company has said that they have no numbers as of yet but estimates are that as many as 45,000 may lose their jobs. CitiGroup has 330,000 employees.

Maybe it’s just a coincidence, but I view the correlation between the companies that have aggressively off-shored, in the past three years, are also the companies that are experiencing the largest losses. I just believe that it’s a win-at-any-cost mentality.

Citigroup Writedowns May Top $13.7 Billion
Citigroup debt protection costs hit new highs
Citigroup falls on "sell" after $15 bln writeoff seen
US STOCKS-Citigroup downgrade sinks Wall St
Citigroup Mixed Signals & None Good
Do You Work For Citigroup?