World Briefing | Africa: China Announces $3 Billion Loan Plan For Africa China will lend African nations $3 billion in preferential credit over three years and double aid and interest-free loans over the same time, China’s Commerce Ministry said ahead of President Hu Jinta... Read Full Article Top Searches 2007: Google V Yahoo Google and Yahoo announce their list of the most searched for terms in 2007.... Read Full Article Microsoft Gets Record Fine And A Rebuke From Europe Regulators issued the company a $1.35 billion fine for failing to comply with a 2004 judgment that it had abused its dominance.... Read Full Article Hard-Line Gain In Turkish Vote Poses Challenge To Governing Party On the margins, more hard-line sentiments surfaced, posing a potential obstacle to this country’s progress.... Read Full Article Home Depot Said To Cut Price To Try To Save Sale Of Unit Home Depot was scrambling last night to save the sale of its wholesale unit to a consortium of private equity firms, lowering its asking price by about $1.2 billion from the original $10.3 billion it ... Read Full Article |
Citigroup Poised To Axe Up To 32,000 JobsCitigroup, the worlds largest financial services group, is believed to be planning to axe up to 10 per cent of its workforce in a bid to stem rising losses. The bank is expected to make an announcement about the job cuts — which could see as many as 32,000 people made redundant — when it unveils its full year figures on January 15. Such a move would represent one of the first emergency measures implemented by Vikram Panditt, who was appointed the banks chief executive last month. Wall Street rivals expect Citigroup to write down as much as $18.7 billion in the fourth quarter of the year to cover bad investments the bank made in bonds backed by sub-prime mortgages. &&&§ionName=IndustrySectorsBankingFinance,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Citigroup downgraded after $49bn SIV U-turn Thousands of positions to go at Citigroup Vikram Pandit lands Citigroups top jobThe bank is also expected to cut its dividend by 40 per cent to preserve cash as the credit market deteriorates. Today, Citigroup reiterated a previous statement that: We have been engaged in a planning process in which our Business Heads are planning ways in which we can be more efficient and cost effective to position our businesses in line with economic realities. Any press reports on specific numbers are not factual. It is thought that Citigroup is also planning the sale of smaller, non-core assets in order to raise capital to bolster its balance sheet. Meredith Whitney, the top Wall Street banking analyst at CIBC World Markets, has urged the bank to sell at least $100 billion worth of assets and seek an additional cash injection of $30 billion. The bank has already been propped up by a $7.5 billion investment from the Abu Dhabi Investment Authority which took a 4.9 per cent stake in November. Tag CloudExternal InformationAdditional InformationFor the Lost and Stranded, Help From a Smiling Face...By George, Nylex moves into positive territory... In Tanker Bid, It Was Boeing vs. Bold Ideas... Advertising: Telling Dieters a Pill Works Only if They Work, Too... Where Am I?News Main Page - Business - Citigroup Poised To Axe Up To 32,000 Jobs |
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