Stay abreast with the latest developments in the professional domain along with in-depth analysis through the monthly BCA Journal. Get access to an engaging library of researched publications from the BCAS stable.
Learn MoreExplore past issues of BCA Journal & indulge in a treasure trove of high-quality professional content across format of print, videos & learning events from the BCAS stable.
Learn More
25 Citigroup to lay off 9,000 as Q1 losses
touch $ 5.1 billion
Citigroup posted its second straight quarterly loss on
Friday, hurt by more than $ 16 billion of write-downs and costs related to
credit losses, and said it will cut another 9,000 jobs.
Though the $ 5.11 billion first-quarter loss was larger than
expected, analysts and investors expressed optimism that the largest US bank and
its new chief executive, Vikram Pandit, were taking necessary steps to move past
credit problems and drive down costs.
In the last two weeks, Citigroup has said it was selling its
Diners Club International credit card network and most of its North American
commercial lending and leasing business. Expenses, meanwhile, fell 2% from the
fourth quarter.
(Source : The Economic Times, 19-4-2008)
