Bad news for Tribeca real estate: Citigroup “restructuring”

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Citigroup headquarters Greenwich StreetDecember 18, 2015- Bloomberg reports on Tribeca’s Citigroup, “Three years after taking over as CEO, Corbat is still finding areas to trim in a firm that boasted 374,000 employees before the financial crisis forced a government bailout.

Citigroup Inc. plans to cut at least 2,000 jobs starting next month as Chief Executive Officer Michael Corbat restructures some of the bank’s businesses.”

Meanwhile, it is likely that the U.S. economy is already in a recession that will not be demonstrated until the economic data, which are months late, come out next year. Wall Street overhires and overfires. Look for tens of thousands of more cuts at Citigroup.

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