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Citigroup to Lay Off 17,000 in Overhaul - New York Times »

Posted by: lizbethxq 2 years, 7 months ago

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Citigroup announced today that it would eliminate or reassign more than 26,500 jobs as part of a sweeping overhaul to cut costs and streamline the global bank's sprawling operations.

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lizbethxq

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Comments: 36

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aldomatic
April 11, 2007, 11:53 a.m.
hmm, a friend of mine has an interview with them today.. this is surprising news.
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joeblowe
April 11, 2007, 12:12 p.m.
This is probably along the same lines as was announced by Circuit City. Many of those employees are making "too much" money so they will be canned and newer, cheaper people hired to take their place. Citigroup just isn't being as honest about it as Circus City was. (Probably a good thing for them - look at all the heat Circuit City took for screwing people over.)
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walden3
April 11, 2007, 12:20 p.m.
it's really going to get to the point of armed revolution or broad public strikes. the simple working public can't continue to get shafted while the pirates loot and pillage.
"While Citigroup Struggled, Its Chief Was Paid $26 Million in 2006"
"As chief financial officer of Citigroup last year, Sallie Krawcheck earned $11.66 million, according to the bank's recently filed proxy statement."
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Charlson
April 11, 2007, 12:36 p.m.
Restructuring a corporation means hardship for middle and lower level employees. Upper management is rarely effected. And even if they're canned they still have their golden parachutes. The middle and lower level employees are lucky if they've got a balloon.
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BhaktaRajPrabhu
April 11, 2007, 1:18 p.m.
Not to play the "ain't it awful?" game to full capacity, but it's been a sad time for America since the early 90's with the onset of "downsizing" and "outsourcing". I had a great job at a Wall Street firm with good benefits, and I and many others (ultimately the whole firm in North America) were given packages in 1995 and let go. I had to do consulting work with no benefits ever since, and I suspect that my story is not uncommon.
The greed runneth over, folks!
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white-pawn
April 11, 2007, 1:22 p.m.
Saudi prince Alwaleed bin Talal, who has a 4.8% holding of Citibank's stock, might see higher dividends, but as usual, workers get the shaft.
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lizbethxq
April 11, 2007, 1:51 p.m.
It's only a matter of time before the "outsourcing" model will bite the hand it feeds. America has so craftily implemented this to help make the upper crust of our economy even more crustier, and it's the still baking part of the economy that will suffer the most.
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pongping
April 11, 2007, 2:38 p.m.
Said it before the 2004 election. Still believe it. We are on a course to a feudalistic society here.
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browntiger
April 11, 2007, 4:44 p.m.
Great news,
more "W Bush manufacturing jobs" at McD.
Nothing wrong with economy where US R&D budget is $0.
New weapons design and manufacturing must be done is China.
And what is soo bad with companies making products in India, China selling it in US and declaring proffits at some tax shelter islands?
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NoWayMan
April 11, 2007, 4:59 p.m.
I hope this doesn't hurt their stock. we need to protect the Saudi Prince bin Talal's holdings since he owns more citibank shares than anyone else in the world.
and btw, he's the one who suggested the big cuts and layoffs.
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NelsonR
April 11, 2007, 9:17 p.m.
Don't you love the adage, "Globalization"? More profits for the existing rich while the middle class dwindles. But, my men Bush and Cheny are set for life and that is what counts, so quit whining. You have got to love these Republican conservatives, their sweethearts.
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ekklesiawarrior
April 12, 2007, 3:02 a.m.
No surprise. Citi has broken American Federal law time and again to dance to international commerce. The harlot has been exposed.
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Nowalive
April 12, 2007, 8:34 a.m.
This piece ties in perfectly with yesterday's piece on CEO salaries.
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bsk1234
April 28, 2007, 9:55 p.m.
Isn't the whole point of capitalism about shifting resources from the public to the private? The point is not to make sure that everyone is being taken care of. Its about people who own the resources to get the most out of it.
So in a capitalistic business model, employees are just an expense to the net income equation. Therefore, when an employee from another country can drive similar revenue with less expense, managers see offshoring as a win. in capitalism, the only purpose for a company existing is to give the owners the best return possible.
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bsk1234
April 28, 2007, 9:56 p.m.
I think there needs to be an economic or business revolution for this trend to change. I think in order to put a stop to this trend, you would need to impose some kind of government regulation or voluntarily capping to make companies less motivated in being competitive. Such as a cap on CEO pay. This way, there would be a cap on the CEOs appetite for profits. So they would be less concerned about maximizing profits. So they would not offshore as many jobs. Japan and Europe kinda does this (although probably not for the reason i stated). More in Japan. CEOs rarely break a million in pay although companies are comparable in size.