CitiGroup Announces Plans to Lay Off 2000 Investment Banker
This post is submitted by Carmen Dellutri, Esq. of The Dellutri Law Group, P.A. Mr. Dellutri is a Board Certified Consumer Bankruptcy Attorney and is one of the founding members of the Bankruptcy Law Network, Mortgage Law Network, Debt Law Network and the Credit Law Network.
Citigroup just announced plans to fire approximately 2,000 investment bankers. This release comes just days after the Fed had to bail out Bear Stearns with billions of dollars in guarantees. What does this mean to you? me? and the future of this country?
Although the details are sketchy on this little piece of information, I can say with some degree of certainty that Citigroup can see the handwriting on the wall. The are selling assets, cutting staff and only God knows what else they are doing. By firing the people who make big money for the company, it appears they are getting rid of a substantial amount of overhead.
I would like to know, so that I can advise my clients of the future impending doom. But, I guess this information is only available to the Fed, so that Ben Bernacke will know how much more money that he will have to print up. The buzz around town and on the internet is that this is not good.
