Citigroup (C) 01 (May 08 - Nov 08)

[millionairemind]

Jialat

Citigroup to cut at least 10,000 jobs: report
Fri Nov 14, 2008 3:23am

.(Reuters) - Citigroup Inc is cutting at least 10,000 jobs in its investment bank and other divisions throughout the world, the Wall Street Journal said, citing people familiar with the matter.

Citigroup Chief Executive Vikram Pandit and his deputies have instructed managers to slash their budgets for employee compensation by at least 25 percent, the paper said citing the people.

"We will continue to carefully manage our head count levels as we re-engineer the company in line with our stated goal and market realities," Citigroup spokeswoman Christina Pretto told the paper.

Citigroup announced last month it cut 11,000 jobs in the third quarter, bringing the total number of job cuts in 2008 to 23,000.

Citigroup aims to shrink its workforce to about 290,000 employees by next year from 352,000 as of Sept 30, the WSJ said, citing another person.

The paper also reported that Citigroup is notifying some credit card customers that their interest rates are being raised by an average of three percentage points.

A person familiar with the strategy estimated that the rate increases would apply to less than 20 percent of Citigroup's card portfolio, according to the paper.

A Citigroup spokeswoman told Reuters that she had nothing further to add to the company's comments reported by the Journal.

[blid2def]

Jialat

Pa chit... tan joker... GAME!

[kennynah]

Pa chit, dan diow sai, not Taiwan style, so bo joker one

[blid2def]

NYT: When Citi Lost Sallie
Story: http://www.nytimes.com/2008/11/16/busin ... allie.html

Another nice story to read. Paper displays can't come soon enough for me - so I can "da bao" these to the toilet.

[millionairemind]

Jialat...

Citigroup to Cut As Many As 50,000 Jobs in Overhaul
Topics:Stock Market | CEOs and CFOs | Employment | Banking
Sectors:Financial Services | Banks
Companies:Citigroup IncCharles Gasparino, On-Air Editor | 17 Nov 2008 | 07:27 AM ET Text Size

Citigroup CEO Vikram Pandit plans to make a dramatic statement Monday morning about major cut backs in the struggling firm's workforce aimed at calming market fears that the troubled financial services giant isn't taking the steps necessary to address its many ills, which include a bloated cost structured that has sent shares of its stock reeling, people close to the company said.

These people say the number of job cuts announced at the meeting may rise as high as 50,000 in order to bring the company's work force to approximately 300,000 worldwide. These people say these cuts will occur a relatively short period of time, such as over the next five or six months.

[kennynah]

50K jobs...?????? wtf....this is really bad....oh f**k

[millionairemind]

Citigroup liquidates fund that fell 53% in a month
By Henny Sender and Francesco Guerrera in New York

Published: November 19 2008 00:10 | Last updated: November 19 2008 00:10

Citigroup is liquidating its Corporate Special Opportunities hedge fund after it lost 53 per cent of its value last month, marking the ninth time in recent months that the bank has had to close or rescue a fund in its alternative investment unit.

The collapse represents the latest setback for Citi’s chief executive, Vikram Pandit, a former head of the alternative investment unit, who revealed plans on Monday to cut the bank’s headcount by 52,000. Citi shares fell 6 per cent on Tuesday to $8.36, giving it a market value of $45.5bn.

CSO, which managed almost $4.2bn at its peak, has a net asset value of about $58m and debt of about $880m, investors say. People familiar with the matter say investors in the fund are likely to receive no more than 10 cents on the dollar.

The fund faltered even though Citi supplied it with $450m in credit lines and equity infusions of about $320m. It also bought assets with a notional value of $1bn that it placed in the fund.

Investors in the fund – which invested mainly in debt backing European private equity deals – have not been allowed to withdraw their money for about a year as performance deteriorated. Losses for Citi could total hundreds of millions of dollars, people familiar with the matter said.

Citigroup said its hedge funds “are subject to comprehensive internal fiduciary and risk management oversight and senior level management supervision. As with many other credit-based investment products, investment returns have been hurt by one of the most volatile periods for fixed income in history”.

In an update to investors last month, CSO Partners said its performance was “impacted by the fund’s leverage” after a deterioration in market conditions that “has been unprecedented and overwhelming”.

[mocca_com]

citigroup.. now below USD5.. is it worth to buy? what if citigroup fall. will GIC be able to collect back their money? since they are owning preferrial shares,

[kennynah]

jialat lah this C.... technically, there's no support in sight...anything can happen man...

[blid2def]

Queueing at $4!