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Another Horrible Quarter for Citi
by Felix Salmon
Apr 18, 2008
Apr 18, 2008
Citigroup's earnings this quarter were horrible. So what's the reaction? Internally, it seems weak: Citi's announced the culling of 9,000 jobs, which sounds like a lot until you step back and look at the big picture. As CFO Gary Crittenden said on the conference call, investors should look at total headcount growth. This time last year it was positive: up 12%. And how much difference has a year made? It's now up another 8%. For every person Citi's fired, it seems, the bank has hired even more.
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