Wednesday, August 5, 2015

Citigroup could cut 70,000 jobs; India, Mex, Brazil loans sour

Citigroup CEO Vikram Pandit tells staff he wants to cut 20% of 350,000 worldwide workforce as business slows

Citigroup could cut 70,000 jobs; India, Mex, Brazil loans sour

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Specialist Arthur Andrews, foreground, works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)
Specialist Arthur Andrews, foreground, works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

Citigroup CEO Vikram Pandit tells staff he wants to cut 20% of 350,000 worldwide workforce as business slows. Citi announcement here. Also in the announcement: It's tough being global right now: Citi says its U.S. home loan and subprime exposure is low, but Citi consumer loan losses have risen sharply in Mexico, India, Brazil.

SEPARATELY, Citigroup, JPMorgan Chase & Co., Bank of America and the impending Wells Fargo-Wachovia combination all benefit from a new Federal Reserve program, and a temporary easing of U.S. accounting rules, that allow them to finance more commercial paper without setting aside a lot of capital, writes Bloomberg's Brad Keoun in this story.

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About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano