Fresh Ideas

Posts Tagged ‘wealth management’

One of the breaking news today is the plan of a massive layoff of Citigroup Inc. It is estimated that 53,000 jobs will be slashed in order for the company to cut cost and to prevent it from further plunging due to financial losses according to the post on its website.

As of this moment, it is still not clear on what department that the company will slice of its workforce, but there are speculations that it will come from the investment banking and wealth management divisions.

Citigroup, U.S. second largest bank in terms of assets and behind by JP Morgan Chase was hit massively by the credit crisis and lost more than $2.8 billion over the last three quarters.

It is really awful that investors are now wary because the stocks fell nearly 3% in the morning trading in the New York Stock Exchange and in 2 weeks alone, it lost one-third of its value.

There are also speculations that officers in the upper management might not receive hefty bonuses this end of the year and executives might also be affected by the proposed cutbacks.