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State Bank of India
Citigroup Chief Pandit to Reduce Headcount by 50,000
Posted by :
My MultibaggersTracked by: 0 Boarder
Nov. 17 (Bloomberg) -- Citigroup Inc., the U.S. bank with the most employees, plans to eliminate more than 50,000 jobs and cut expenses by 20 percent from their peak as the global economy contracts.
Chief Executive Officer Vikram Pandit intends to reduce headcount by about 14 percent to 300,000 in the ``near term,`` according to a presentation on the firm`s Web site today. Pandit has already cut 23,000 jobs, leaving the New York-based bank with 352,000 employees as of Sept. 30.
Citigroup slumped 19 percent in New York trading last week and is down 68 percent this year, after four straight quarterly losses totaling $20 billion. The fourth-biggest U.S. bank by market value will probably post a loss of about $187 million for the fourth quarter, analysts surveyed by Bloomberg estimated.
``Continued asset and expense reductions, while positive, are indicative that the operating environment has been and is expected to continue to be challenging,`` Barclays Capital analyst Jason Goldberg said today in a report.
Citigroup declined 57 cents, or 6 percent, to $8.95 in composite trading on the New York Stock Exchange at 10:31 a.m., the second-worst performance behind BB&T Corp. on the 24-company KBW Bank Index.
Annual expenses will fall to about $50 billion in 2009, according to today`s presentation. Expenses in the past four quarters totaled $62 billion.
Job Cuts
Banks and brokerages worldwide have shed more than 200,000 jobs since the subprime mortgage market`s collapse last year sparked a credit crisis. Goldman Sachs Group Inc., which converted last month from the biggest U.S. securities firm into a commercial bank, began earlier this month telling about 3,200 employees, or 10 percent of its workforce, they were out of a job, according to a person familiar with the decision.
Citigroup, Goldman Sachs and rivals such as Merrill Lynch & Co. have been reducing staff as the revenue outlook dims for banks and securities firms....
Comments on G20 by experts
Posted by : GuestTracked by: 0 Boarder
Hans Goetti, CIO, LGT Bank, said, “My expectations of G20 meeting are very low. We are talking about an outgoing President calling in the Heads of State to redesign the state. I cannot see anything coming out of that with Barack Obama not even participating. It cannot place the groundwork for the next few years. People will be sitting aroung the table and talk but my expectations are relatively low for the meeting.
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Exit SBI,Down target=900....
Posted by : TrueCompanionTracked by: 1 Boarder
Two of my messages to you have been deleted yesterday. Here I reproduce them :
1. How long can it take for sensex and nifty to go above their 200 DMA ?
2. Can a good co withstand market volatility to retain their respectable pricing levels ?
thanks
/TC/...
In reply to:
Exit SBI,Down target=900....
Posted by : vkk43
You message was really nice. I do not know why should anybody delete it. If u request Mod, tomorrow it may be restored. 
Exit SBI,Down target=900....
Posted by : vkk43Tracked by: 1 Boarder
You message was really nice. I do not know why should anybody delete it. If u request Mod, tomorrow it may be restored. ...
In reply to:
Exit SBI,Down target=900....
Posted by : investor11
Thanks i have written to MMB moderator i hope they would see to that,is it a common practice of them?
Exit SBI,Down target=900....
Posted by : investor11Tracked by: 1 Boarder
Thanks i have written to MMB moderator i hope they would see to that,is it a common practice of them?...
In reply to:
Exit SBI,Down target=900....
Posted by : vkk43
Yes I find that your msg regarding three persons hving 1 dollar and piece of land has been deleted. Today MMB is offline and Mod is not there. U may write to Mod about it.
Exit SBI,Down target=900....
Posted by : GuestTracked by: 1 Boarder
Please permit me to intervene. My view is to endorse the buying or sitting on the fence for a good show of market movements.
But never to borrow many for investments in share markets in a bear-phase. Any body with surplus cash can enter in buying good stocks in 3-4-5 lots with a target to sell,to book a profit.
sl...
In reply to:
Exit SBI,Down target=900....
Posted by : vkk43
Nice post indeed. So it is worthwhile to borrow money and be smart to play in a growing bubble scene but remain away when the bubble is going to burst?? So when we are going to be in a growing bubble scene, any idea??
Exit SBI,Down target=900....
Posted by : GuestTracked by: 1 Boarder
I am also experiencingthe same as my six mails posted at 5.30 am on 15-11-08 are not appearing. Somebody is deleting or not doing justice to the borders.
The meassage is related to the news I get that the Govt. has requested the PSUs to consider, to declare an interim dividend so that they can get some cash to fill their kitty before presenting the budget for the next year.
I feel the interim may be treated as final for the AGM to be held in June/july09 And the boards may announce arecord date shortly.
sl...
In reply to:
Exit SBI,Down target=900....
Posted by : investor11
I have posted this message to moderator ,is it a common practice on this board adapted by moderator?
My message was rated by two boarders yesterday,and today i found that rating was deleted.
It is dishonour to boarders who have rated message,if you want to do that than why at first place you have system of rating message?
Exit SBI,Down target=900....
Posted by : vkk43Tracked by: 1 Boarder
I do not find any msg from you to Mod. Hv u sent the above msg to him. Pl check it is not there in his inbox....
In reply to:
Exit SBI,Down target=900....
Posted by : investor11
I have posted this message to moderator ,is it a common practice on this board adapted by moderator?
My message was rated by two boarders yesterday,and today i found that rating was deleted.
It is dishonour to boarders who have rated message,if you want to do that than why at first place you have system of rating message?
Exit SBI,Down target=900....
Posted by : vkk43Tracked by: 1 Boarder
Yes I find that your msg regarding three persons hving 1 dollar and piece of land has been deleted. Today MMB is offline and Mod is not there. U may write to Mod about it....
In reply to:
Exit SBI,Down target=900....
Posted by : investor11
I have posted this message to moderator ,is it a common practice on this board adapted by moderator?
My message was rated by two boarders yesterday,and today i found that rating was deleted.
It is dishonour to boarders who have rated message,if you want to do that than why at first place you have system of rating message?
Exit SBI,Down target=900....
Posted by : investor11Tracked by: 1 Boarder
I have posted this message to moderator ,is it a common practice on this board adapted by moderator?
My message was rated by two boarders yesterday,and today i found that rating was deleted.
It is dishonour to boarders who have rated message,if you want to do that than why at first place you have system of rating message? ...
In reply to:
Exit SBI,Down target=900....
Posted by : vkk43
Yes I have heard in CNBC channel. You just keep a watch on this share, and when market shows a weakness and on any particular day it falls further to around 12/-, you just grab this share for LT investment. Thereafter,in ST if u get 20/- in an upmove, try to book profit.
Exit SBI,Down target=900....
Posted by : investor11Tracked by: 1 Boarder
Thanks once again sir...
In reply to:
Exit SBI,Down target=900....
Posted by : vkk43
Yes I have heard in CNBC channel. You just keep a watch on this share, and when market shows a weakness and on any particular day it falls further to around 12/-, you just grab this share for LT investment. Thereafter,in ST if u get 20/- in an upmove, try to book profit.
Exit SBI,Down target=900....
Posted by : vkk43Tracked by: 1 Boarder
Yes I have heard in CNBC channel. You just keep a watch on this share, and when market shows a weakness and on any particular day it falls further to around 12/-, you just grab this share for LT investment. Thereafter,in ST if u get 20/- in an upmove, try to book profit....
In reply to:
Exit SBI,Down target=900....
Posted by : investor11
Billioner from Maxico Soros has taken stake in GVK power(if i am not wrong) currently quating at 14 rs (fv 1),does it make sense to invest in this stock?
Exit SBI,Down target=900....
Posted by : investor11Tracked by: 1 Boarder
Billioner from Maxico Soros has taken stake in GVK power(if i am not wrong) currently quating at 14 rs (fv 1),does it make sense to invest in this stock?...
In reply to:
Exit SBI,Down target=900....
Posted by : vkk43
We may just sit and watch their game and see the movements of all the shares where we hv interest, because that will help u in future to judge about shares up or down movement.
Exit SBI,Down target=900....
Posted by : investor11Tracked by: 1 Boarder
Thanks sir for your valuable opinion...
In reply to:
Exit SBI,Down target=900....
Posted by : vkk43
Below 140/- TISCO is an excellent investment and as market is expected to improve latest within one year, so within two years definitely we can expect 100% return from this purchase price. But do not get perturned during this period, if it remains further weak or languish for sometime. 2 years time horizon is OK.
Exit SBI,Down target=900....
Posted by : vkk43Tracked by: 1 Boarder
We may just sit and watch their game and see the movements of all the shares where we hv interest, because that will help u in future to judge about shares up or down movement....
In reply to:
Exit SBI,Down target=900....
Posted by : investor11
Agree sir it is the time to sit away and watch operators game
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