Tuesday, March 3, 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

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.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

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

Joseph N. DiStefano