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Citigroup to hire up to 7,500 in China


http://news.yahoo.com/s/nm/20100901/bs_nm/us_citigroup_china



NEW YORK (Reuters) – Citigroup Inc (C.N) plans to almost triple its workforce in China by hiring up to 7,500 people in the next three years, an executive told Bloomberg in an interview published on Tuesday.

Citigroup, which has 4,500 employees in China, will hire more in that country that in any other Asia-Pacific market, according to Bloomberg's interview with Stephen Bird, Citigroup's co-chief executive officer for the region.

The hiring plans will support Citigroup's efforts to expand in the region and compete with HSBC Holdings PLC (HSBA.L) and Standard Chartered PLC (STAN.L).

Bird told Reuters last week that Citigroup planned to open two branches a month on average in China for the foreseeable future, the maximum allowed by regulators.



The company's strategy "is progressively more weighted to emerging markets," Bird told Reuters.

"Greater China is the future."



Citigroup plans to double its number of branches in Hong Kong to 50 by the end of the year and increase the number of branches on the mainland to 38 by the end of the year, from 29 currently.

A Citigroup spokesman did not immediately respond to a request for comment on Tuesday.

The company's shares were trading up less than one percent, at $3.70, by mid-afternoon.



 

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Our stimulus money... hard at work.
 

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Increasing operations in China is a smart move for Citi or any US bank. Particularly since the US gov't has found a way to decrease banks' revenue by approx 30% with this new bullshit "reform" act.
 

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They are making a healthy 4% on their money (our) money buying treasuries. -This is also the reason they are not lending... -why subject yourself to risk, when you can purchase treasuries with little to no risk ? Between this and the FDIC foreclosure scam... we are going nowhere in this economy... but down.
 

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I'm wondering what kind of money they can make by borrowing at 0% in the US from the Treasury, and using that to loan in China at whatever rate they get there.
 

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They are making a healthy 4% on their money (our) money buying treasuries. -This is also the reason they are not lending... -why subject yourself to risk, when you can purchase treasuries with little to no risk ? Between this and the FDIC foreclosure scam... we are going nowhere in this economy... but down.
4% Treasuries? Healthy? You can't run any company with a profit margin that small. And T's aren't paying 4%
 

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4% Treasuries? Healthy? You can't run any company with a profit margin that small. And T's aren't paying 4%
Not for you or I they are not. They are using interest swaps. They ARE guaranteed 4% for purchasing X dollars of treasuries by the federal government. It's money for nothing. 4% for doing nothing IS healthy. If you were to remove all banking transactions from the stock market... it would be a near flat market... some say below 7%.

This is in addition to the FDIC and their "net worth" expansion and borrowing power... through using the tarp and bailout funds. -All insured by you and I. Who would you lend to ?
 

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I dunno how these people get to work when it takes a week to drive 30 miles there.:laughing:
 

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