What happens when your company stock hasn’t moved in three years? Job cuts. Citigroup (C) is planning to shed 10,000 to 12,000 jobs this year and some 14,000 additional positions will be lost to attrition or relocated from high-cost locations — including London, Hong Kong and New York, where the company is based .
Citigroup is an army, those job cuts will impact around 8% the company’s 327,000 employees which are located on about every corner of the earth. This new restructuring program should reduce costs by more than $2 billion a year. Just consider Citigroup reported net income of $21B last year, these guys practically print money.
Citigroup does pay out a nice dividend of 54 cents a quarter which was recently raised from 49 cents. Considering their shares have dropped 9% in the last three months and the share price is getting closer to its 52-week low these job cuts were inevitable. Today Citigroup shares are trading around $51 and change.
Citigroup is a monster company, it’s hard to imagine shares dropping much lower and considering they have 200+ million customer accounts in more than 100 countries, can you say 1-2-shabadoo?
EDGAR Online Inc. (EDGR) hits a new 52-week low today with shares trading at $2.72. The leading provider of interactive business and financial data on global companies to financial, corporate and advisory professionals can’t seem to get its own financials under control. How’s that for irony? Chances are if you ever have read a company’s financials, it was done by Edgar. For the past 7 years shares of Edgar have been trading under $5. Think they can go higher? You make the call.
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