Nov 17 2008
Citi group Cuts Jobs
Citi group which is a bank and credit card company has decided to cut jobs. The total number of jobs that will be cut is over 50,000 jobs. This is a very serious lay off especially in today’s hard economic times. This will negatively impact the country’s unemployment rate for sure in the next few months. This is bad news for the banking and credit card industry. Many people thought that the 700 billion dollar bailout would be the saving grace that the banking and finance industry needed. It looks like the bailout, which was very expensive for tax payers has not been working at all. What can be done to fix this economy? I mean the holidays are coming and people are hurting a lot financially. I do not think that there will be a lot of consumer spending during the holiday season. It is sad that things are so bad right now, we need to get out of this recession as soon as humanly possible.
