Citigroup to cut 53,000 jobs worldwide

Patience...patience.....this will require.....patience!

These institutions are either overshooting when they are hiring or when they are firing - possibly both.

What is frustrating is this is a temporary solution to the bad assets on these banks' balance sheets. With market losses accumulating on bad debts, they will be needing more places to cut costs in the coming months.

The number of people getting fired is also very scary. Now there is at least that many people - more if you consider their families and/or dependents - with less purchasing power. It is going to do wonders for the hopes of an economic recovery. A self-feeding monster.

Whether you're one of the mavericks making money live vultures off this mess -- the way those "in the know" are in offshore spot currency trading, US foreclosures and real estate buy ops -- folks, just ask yourselves:

What would Bob Marley do?

When CNN International and that alien from the Andromeda galaxy: Fox's own Shepard Smith -- keep bodyslammin' their trash with the day's numbers, just remind yourself:

everything's gonna be alright...everything's gonna be alright...

Not that I'm encouraging any of my distinguished fellow bloggers to hop on the first flight to Trenchtown, but in situations like this -- a few Red Stripes and laughs with friends will help everyone out in the long run.

Wow, this article has almost nothing to do with Citigroup's layoffs.

I found most Citigroup people to be extremely arrogant. Not as much as Lehman Brothers people mind you. I am not happy about the financial crisis but it is very obvious that Lehman Brothers and Citigroup people had a big hand in creating the mess. They won't admit it because they are extremely short-sighted and arrogant people. They are monsters. The Lehman people will now infect Nomura with their disease and probably hurt that company badly. Citibank, Citibank where will you go? Monsters.

willilamsmith - agreed, although the Lehman folks are generally smart (not true for Citi).

But also, I think the most arrogant Japanese bankers I've ever met were from Nomura - but they were pretty sharp too. Maybe not such a bad fit...

Jobs loss,job cuts and economic contraction on the up since 2008 economic expansion slowed down in EU,japan and everywhere else. This news may do wonders for enviroment,this the only good news from it. There will be new dynamic changes in the many ways, we create jobs and do business in future,in all sectors of economy.

Future jobs need to created in new dynamic industries,to take over lost jobs. These thousands of jobs in Citi,lehman,AIG,,Freedie, and Fannie, what where they doing in those jobs.

Those jobs were meant to save the company. If employees do not save company,where the company gonna get their income from to pay employees.

Looks like those companies who had deals in China and India will still grow and avoid contractions.

This is best time for new global superman businessmans to help rebuild global business confidence via new dynamic jobs/businesses/industries.

I hate to hear the rattled off cliches about India and China, they do not operate in a vacuum. When the US suffers, India and China have much less to service and therefore will also shrink. "Emerging markets" is another cliche that sickens the heart. "Trickle-down" is the only one that still rings true. Also, employee-impact is somewhat meaningless when a company like Lehman Brothers is acting like an obnoxious gambler in what they treat as a "casino economy" that is our finances. Lehman Brother people are criminals. Willful blindness is not a defense you pigs.

The only thriving industries now are the crime and sucicide industries. It's going to get nasty on the streets. People won't "obey" society's rules any longer.

This should be illegal or the government should step in.

It's going to be a long winter for everybody in the "middle class" and lower. But I'm sure the fat cats will be OK. Gosh, with $700B to pay themselves with they should be nice and warm all winter.