Citibank to lay off another 50,000 people and unemployment can hit 9%
 

just heard it on radio. Citibank already laid off 20K thousand earlier.

my mortgage is with Citi, lovely-

Unemployment is climbing, past 9% in 2009 they said, that is almost 10% of our population - geez

that is almost 11% of our population
that is almost 12% of our population
that is almost 13% of our population
that is almost 14% of our population
that is almost 15% of our population
that is almost 16% of our population
that is almost 17% of our population
that is almost 18% of our population
that is almost 19% of our population
that is almost 20% of our population

WTF almost 1 in 5 are unemployed

Think of all the new models that will be coming into adult in the next year!

Hell, if things don't improve, I might make my own adult film debut!

Don't worry about your mortgage, Citi will collect.

hopefully this is preemptive

LOL I know they will, but they probably sell me off to another bank, I've been flipped so many times to others banks with my mortgage I don't even know who I am paying anymore!

It's amazing to me that a company fucked up so badly, they have to lay off what amounts to the population of medium sized city...and I'm willing to bet none of those are in the upper echelon, who caused the problems to begin with...

and they mentioned GM is down to $3 and change for their stocks and said if they don't get a bailout by gov't they will most likely go bankrupt and that will be more devastating to the gov't than if they do give them funding.

Gov't said they can't favor on industry otherwise they will all come in asking for help. This is going to get interesting...and even more sad unfortunately.

That's just direct job cuts. How about INDIRECT job losses. For every job cut by the giant companies, many small businesses cut back too.

The news does sound grim considering that BOTH consumer and business spending are impacted. We got through the last downturn because only business spending was down, consumer spending was propped up by the unreal real estate prices.

Keep in mind that they plan to take the money the government gave them, to buy another bank fairly soon. They are shopping, for the right bank.

The trend in corporate layoffs is to start with middle management. The corporate "fat" so to speak. Those who watch the watchers watch the producers.

They will go into chapter 11, and come out better then before.

AutoNation will provide you warranty on your car, and some chinese/mexican/canadian guy will sell you even cheaper replacement parts.

add to that 3 million more if the auto industry collapses to "teach the unions are lesson" and the multitude of chains that will go down after a shitty xmas season.

Seems like that but thats not how the math is done.

unemployment rate = unemployed/(employed + unemployed) * 100

so the unemployment rate does not include retired, people who are not able to work, etc. so probably 9% reflects 1% of the population or so

I like the way you think Steve. :thumbsup

Those union benefits and contracts do weigh the auto giants down. Then again, so did their CEOs bad decisions.

The official rate does not include people who have been unemployed for long periods of time either I believe. The way they come up with the official numbers is as much an art as it is a science. Maybe if more so...

Wasn't there an investment bank analysis of GM stock being worth ZERO soon?

Wow... Citi bought my costa rican bank this year, and just finished changing the signs/logos/etc last week.

If it helps I think the Citi layoffs are worldwide so it won't be too big of an impact on any one area. I would venture to guess most of those jobs are in third world countries and are service and support type of jobs.

DHL just shut down its US operations and closed up a shipping center that is the main employer of a town of 12,000. Of the 12,000 people in that town 4,000 of them worked in that shipping center. The rest pretty much worked in the stores and businesses in that city and were supported by the workers in that shipping center. There is a very real chance that town will become a ghost town. It is out of the way so other jobs are not easily gotten and with a flood of people hitting the job market it will over saturate what few other jobs there are. It is crazy to think that one company had that much impact on the lives of those people.

Thats sad for those people who'll loose their jobs :(

The true unemployment is 11.8%. The 6.X number they feed the media is bullshit.
Lower right shows total unemployed including underemployed...
http://www.bls.gov/news.release/empsit.t12.htm

oh well shit happens. be prepared to live off the land or fall by the wayside

Damn.. big blow for all around

jesus christ! will the bad news about the economy ever stop? the worst part is that the news are rejoicing in it!