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permanent lay offs.
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Citigroup's job cuts could reach 30,000 or more
"Citigroup's job cuts could reach 30,000 or more over the next year and a half because of increasing writedowns from subprime-related debt, CNBC has learned."
That's just brutal.
I'm quite positive its much worse than reported. CITI has been hit very hard from sending out credit cards to everyone and their 18 year old kid. Whom are mostly defaulting and heading straight for bankruptcy court.
More foreclosures in Manhatten :)
Yeah, Citibank would give a loan to anyone. I went through a phase where I borrowed money and earned interest on it. At one point, Citibank gave me loans such that my monthly payments exceeded my income. Granted, my credit score was 807 (before maxing out loans) and I planned to invest this money but Citibank never asked me that. They just wrote me a check and then sent me offers to refinance it for even longer.
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