Citigroup planning major job cuts-CNBC

[Sapiens]

http://in.reuters.com/article/busine...30699520071126

Citigroup planning major job cuts-CNBC
Mon Nov 26, 2007 7:34pm IST

NEW YORK (Reuters) - Citigroup, the No. 1 U.S. bank by assets, is planning major job cuts over the coming months, CNBC television reported on Monday.

CNBC said that no exact number had yet been set, though some jobs were already being eliminated. It estimated that the cuts could total anywhere between 17,000 and 45,000.

[metalman]

Re: Citigroup planning major job cuts-CNBC

http://in.reuters.com/article/busine...30699520071126

that's a lotta fired F.I.R.E. men!

[bill]

Re: Citigroup planning major job cuts-CNBC

When in need "SWF"
http://www.bloomberg.com/apps/news?p....z0&refer=home

Citigroup to Sell $7.5 Billion in Equity Units to Abu Dhabi

By James Temple
Nov. 26 (Bloomberg) -- Citigroup Inc., the largest U.S. bank, said it agreed to sell $7.5 billion of equity units to the Abu Dhabi Investment Authority.
The units will convert into common shares, the New York- based company said today in a press release distributed by Business Wire. ADIA, the sovereign wealth fund of the government of Abu Dhabi, has agreed not to own more than 4.9 percent of Citigroup's common shares, according to the statement.
To contact the reporter on this story: James Temple in San Francisco at jtemple@bloomberg.net
Last Updated: November 26, 2007 21:58 EST

[jk]

Re: Citigroup planning major job cuts-CNBC

citi is paying 11% on the new preferred, and the strike prices for conversion are only 10-20% up from its current price. the new preferred, of course, gets paid before the regular dividend. 11% is a junk bond rate. or maybe we should just say that citi has now, itself, become a subprime borrower.

[GRG55]

Re: Citigroup planning major job cuts-CNBC

citi is paying 11% on the new preferred, and the strike prices for conversion are only 10-20% up from its current price. the new preferred, of course, gets paid before the regular dividend. 11% is a junk bond rate. or maybe we should just say that citi has now, itself, become a subprime borrower.

Isn't 11% a percent or so higher than the current junk bond rate?

Jim Bianco (Bianco Research) made the comment that one of the world's biggest banks is paying more interest than Venezuela has to pay to borrow money.