Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Citigroup Plans to Cut 11,000 Jobs

Details

  • Description

    Training the Street president Scott Rostan reacts to Citigroup’s repositioning.

  • Duration 2:49
  • Date

Clips

Also in this playlist...

Markets Now

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Markets now is back a number big stories that we're following today and one of them from the business world has to be Citigroup with the latest there.

The job cuts 111000 jobs also billion dollar charge as part of this restructuring that was announced this morning.

We have bus Scott Ross -- -- the founder and president Bob training the street and started to see you.

Thanks for coming in our uncles that McDonald's since reporting on this it's -- our website at foxbusiness.com saying.

It's not the end there's more to come at Citigroup.

What do you make of that money here.

Well it it the first that they have to be cautious is -- looking at the headlines mean obviously 111000 jobs a lot and yeah billion dollars a big number but roll forward the sub bullet.

Brief the -- of the sub headline.

-- million of cost savings so this part of -- streamlining effort.

Giving the new state of Wall Street right now.

It was not unexpected.

You know how -- reduce costs given the -- first we have -- -- shirt makers -- returns of the -- not a million I believe next year and then one point one billion -- more correct going out from there.

So this is -- Citigroup specific story to you or do we read into -- -- say this is a Wall Street store in many -- I would not to say yes and no -- sure this -- -- specific number we have -- new CEO we know the consumer business so this is trying to.

Make it stamp make his impressions so you -- -- give him credit for that.

The markets react affair with to a -- -- for -- here is up -- -- little 4% you know so that investors are giving up -- apostle -- was well thought out and well crafted.

But -- BankAmerica announced something similar.

Within the past few months Wall Street in general is under some pressure but I think the other subtext that people don't realize is that they're still hiring.

There's hiring at a different level for example we do training for the new -- -- new college grads and MBAs especially going into investment bank into the capital markets not.

-- happening in the numbers are approximate you're working from a consequently -- flat as the new look to them so to speak of what they're 2013 -- -- should be approximately similar to 2012.

A lot of that if -- -- as people roll off as people move on to different positions as people.

I'm gradually option programs I'm biking -- they're still is the hiring process going on just to get off the news of the day for 12 wrap -- up this way as a broader question do you see.

To people simply put there's people still wanna work on Wall Street -- you talk to people coming out of school -- still wanna work there or they or news or or similar people.

Don't I think -- people -- are they looking at different things now than they did before the crisis yes I think the numbers are still there we do a lot of workshops on campuses and universities and business schools throughout the world my mom and our business school numbers and academic -- mean they're holding up and the and the momentum is there.

But I think what's happening to people that wanna go to Wall Street are really excited about that as a career development opportunity.

The marginal people who in the past might of gone because that they've -- and also -- -- makes money exactly that those people site if you're serious about it.

You're still seeing about interest but the Marshall Larsen is is -- something else because it's changed allotment justices part of it but thought that I -- job covering the news today Scott.

Thanks for coming -- entrapment --

Load More