http://www.newscloud.com/section/citigroup Thu, 04 Dec 2008 23:14:08 +0100 FeedCreator 1.7.2 en-us http://www.newscloud.com/read/Citigroup_Plans_to_Cut_10_of_Its_Global_Workforce These people say that as of Saturday afternoon the exact size of the cuts is not known, but it's expected to be higher than the 23,000 cuts the firm made as of end of the third quarter to its workforce of approximately 350,000 worldwide. These people say the overall size of the cuts that Pandit will announce during a highly anticipated town hall meeting could add up to close to 40,000 depending on the number of asset sales, such as spinning off businesses the firm could pull off in addition to additional planned layoffs.

]]> http://www.newscloud.com/read/Banks_pushed_home_equity_lines_and_debt_culture Citigroup spent $1 billion advertising it's Live Richly campaign from 2001 to 2006 encouraging Americans to take out home equity loans. Marketing executives knew that "second mortgage" had an unappealing ring. So they seized the idea of "home equity," with its connotations of ownership and fairness. Advertising historians look back at the '80s as the time when bank marketing came into its own. Citigroup led the way by hiring away advertising staff from packaged goods companies like General Mills and General Foods, where catchy ads were more common. "Banking started using consumer advertising techniques more like a department store than like a bank," said Barbara Lippert, an advertising critic for the magazine Adweek.

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