Citigroup has cut 11,000 jobs – HAPPY HOLIDAYS!

As you may have seen in this morning’s news, Citigroup has cut 11,000 jobs, which helped their share price rise in premarket trading. Firing 11,000 employees means that Citigroup is reducing its work force by 4 percent (HAPPY HOLIDAYS!), which doesn’t sound like a lot, but it’s a lot. Oh, and great fucking timing, by the way. Why not wait until Sunday, when Chanukah starts? Or just fire everybody on goddamn Christmas! Or they could have done it last week at the Rockefeller Center Christmas Tree Lighting – just gather everybody under the tree and fire them at the same instant that the tree lights!

As a reminder, Citigroup will be paying $20 million a year over the course of a 20 year deal for the naming rights to the New York Mets ballpark, Citi Field. I get that $20 million dollars probably doesn’t save 11,000 jobs, but it sure does look shity. And what about the $45 billion dollars in taxpayer funds given to Citigroup in those two bailout rescue packages? What happened to that money, exactly? I’m sure somebody knows, but this isn’t the sort of website that provides that level of financial analysis.

I’m not sure I’m using the expression right, but I’m pretty sure that is a capitalism FAIL.

About Jamie Insalaco

Jamie Insalaco is the author of, and editor in chief of

Posted on December 5, 2012, in christmas blog posts, observations and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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