AP: Citigroup to cut up to 75,000 jobs
If you have a Citigroup-issued credit card and you haven't had a rate increase over the last two years, expect to be notified of a 2-3% rate increase on your November statement. Congratulations! You're going to help Citigroup offset its losses in the global credit card division, whether you were directly part of those losses or not. As the New York Times points out, by doing this Citigroup is breaking the promise they made to Congress in 2007 that they would not arbitrarily raise rates on accounts—which may be why they're offering a fairly lenient opt-out policy.
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