Citigroup to cut 6% of its work force, take a $900 million charge after tax

Article Abstract:

Citigroup Inc. suffered Q3 profit losses of 53% as a new company formed by the merger of Citicorp and Travelers Group Inc. Not excluded from the effects of world financial turmoil, the company has announced job cuts of 6% or 10,400 people. Consolidation of call centers will be one cost-cutting step; reducing layers of management another; selling some consumer businesses another. The original plan was that the combined company would enjoy increased revenues just by merging; but now cost-cutting has become a necessity.

Labor force information, Sales, profits & dividends, Financial Services, Finance and Insurance, Financial services industry, Finance, Abstract, Citigroup Inc., C

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J.P. Morgan tries to lighten up image

Article Abstract:

In order to cast a more friendly light on themselves, J.P.Morgan has taken up an new advertising angle where they show the variety of employees that work for them. Instead of the expected white haired, serious looking, white male consumers will get a chance to see some others like a Russian woman who also works for the firm.

Investment Banking and Securities Dealing, Investment Banking, Advertising, Security brokers and dealers, Investment banks, J.P. Morgan and Company Inc., JPM

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