Citigroup Announces 9,000 Job Cuts!

news excerpt:

AP
Citigroup lops off $14 billion in investments during 1Q

Friday April 18, 12:14 pm ET
By Madlen Read, AP Business Writer
Citi records $14 billion in 1Q write-downs; Wall Street relieved it's not worse

NEW YORK (AP) -- Citigroup Inc. said Friday it will eliminate about 9,000 more jobs, after poor bets on defaulting loans and the tumultuous credit markets lopped $14 billion in value from its investments during the first quarter.

That write-down, plus more than $3 billion in costs related to consumers' credit problems, led Citigroup to a quarterly loss of $5.1 billion.

Citigroup has announced 13,200 job cuts since the credit crisis began slamming the banking industry last summer. The bank announced 4,200 cuts in January, and more work-force reductions are likely.

"We're very, very focused on efficiency," said chief executive Vikram Pandit during a conference call.


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Again with the negative news! Sorry. I know I'm starting to sound like chicken little, screaming at the top of my lungs that the sky is falling. But there was something else I wanted to point out today. In past posts I've talked about how having an income from a Network Marketing business can help protect you in times of economic slumps where corporate profits are low and the risk of job loss for the working class is high. That's one way of looking at things. Housing market a bust, job loss at a high, gas prices jumping sharply and showing no signs of stopping -- we're all going to need extra money to get us thru.

But this argument falls a little short because it still considers employment as the primary income source and the Network Marketing income as secondary. If this news article tells us anything at all, it's saying that this is a flawed strategy because of the nature of the worker/corporation relationship. Corporations in economic downturns will protect their bottom line before they protect their employees. Why then depend on such companies as your primary income source? Why if you can generate the same or greater income with a Network Marketing business even entertain a forty year career for a company whose singular loyalty rests in its own bottom line.

With Network Marketing you're in the driver's seat. YOU decide how much or how little you make. YOU decide when you work and when you don't. When you've built a solid Network Marketing income your financial fate no longer lies at the whim of some company or corporation. The days of counting on your company to take care of you through thick and thing are long gone. It's time to start taking care of yourself.

To begin generating income with your own Network Marketing business, CLICK HERE.