Citigroup Eliminates 11,000 Jobs..... I think

[petros]

"Citigroup today announced a series of repositioning actions that will further reduce expenses and improve efficiency across the company while maintaining Citi's unique capabilities to serve clients, especially in the emerging markets. These actions will result in increased business efficiency, streamlined operations and an optimized consumer footprint across geographies."​

Translation; 11,000 sacked.
​

The lay offs, which will save $1.1 billion annually in spending, is one of the first moves by new CEO Michael Corbat, who stepped in for outgoing chief executive Vikram Pandit two months ago.

 

[captain morgan]

Expect to see more of this in the coming months. Once the accountants deliver their assessments of the new tax climate, the companies will be looking to 'increase efficiency' right across the board; right in time for the new fiscal year.

It defies logic that the Democrats didn't equate possible consequences with their policy.. Hell, it doesn't even matter anymore if they reverse their decisions, there are already a lot of companies that made the decision and got the ball rolling on the mere threat.

 

[JLM]

"Citigroup today announced a series of repositioning actions that will further reduce expenses and improve efficiency across the company while maintaining Citi's unique capabilities to serve clients, especially in the emerging markets. These actions will result in increased business efficiency, streamlined operations and an optimized consumer footprint across geographies."​

Translation; 11,000 sacked.​

The lay offs, which will save $1.1 billion annually in spending, is one of the first moves by new CEO Michael Corbat, who stepped in for outgoing chief executive Vikram Pandit two months ago.

Are they just getting rid of bureaucrats?

 

[captain morgan]

Are they just getting rid of bureaucrats?

In the end, it doesn't matter what the employment role was - there are still 11,000 people going to be applying for EI who were (on average) making $100,000 a year. Factor-in that they were paying in the neighbourhood of $40k-$50k in taxes to boot which equates to $400-$500 million in tax dollars.

 

[petros]

More potential future Canadians.

Come on Kenney. It's time.

Factor-in that they were paying in the neighbourhood of $40k-$50k in taxes to boot which equates to $400-$500 million in tax dollars.

Those could easily be Canadian tax dollars if we let them in already.

 

[captain morgan]

More potential future Canadians.

Come on Kenney. It's time.

Those could easily be Canadian tax dollars if we let them in already.

it's a big win for Canada IF it were to be realized... A highly educated and skilled workforce that can hit the ground running.

This is an example of the intangible costs that may be suffered by our American cousins - skilled personnel that are a product of the education and social systems from their nation of origin.. It cost real dollars and a lot of time for the American system(s) to produce these people.

 

[JLM]

In the end, it doesn't matter what the employment role was - there are still 11,000 people going to be applying for EI who were (on average) making $100,000 a year. Factor-in that they were paying in the neighbourhood of $40k-$50k in taxes to boot which equates to $400-$500 million in tax dollars.

If they would have been earning $50,000 would there be this mess?

I just checked that outfit out, 11,000 jobs is just a flash in the pan, approx. 4% of their payroll, that will probably be taken care of by attrition in about two weeks. Their assets amount to about 15% of the U.S. debt. The main two problems I see is dramatization and greed! What is the salary and bonuses of those two head honchos? Altogether too much corporate sh*t happening. -

 

[petros]

it's a big win for Canada IF it were to be realized... A highly educated and skilled workforce that can hit the ground running.

This is an example of the intangible costs that may be suffered by our American cousins - skilled personnel that are a product of the education and social systems from their nation of origin.. It cost real dollars and a lot of time for the American system(s) to produce these people.

We need their geeks. A big chunk of the SK economy is finance and insurance. You can't swing a dead Atari joystick without hitting a techie around here and we need a ****load more. Fujitsu is building some fancy schmacy Tier III data center. Somebody get the bright idea our cold winters make it cheaper than running AC for system cooling in some desert.

 

[captain morgan]

If they would have been earning $50,000 would there be this mess?

If they were earning $50k, then you'd see 22,000 lost jobs and as many people looking for work and/or on EI.

The issue isn't that Citi Group cut the jobs, the issue is 'why?'

I just checked that outfit out, 11,000 jobs is just a flash in the pan, approx. 4% of their payroll, that will probably be taken care of by attrition in about two weeks. Their assets amount to about 15% of the U.S. debt. The main two problems I see is dramatization and greed! What is the salary and bonuses of those two head honchos? Altogether too much corporate sh*t happening. -

I really don't understand the point about 'being taken care of by attrition' - the jobs are gone and you can call it 4%, it's still 11,000 jobs.

As for the greed issue - you might want to rethink that in terms of exactly who is being greedy.

 

[JLM]

As for the greed issue - you might want to rethink that in terms of exactly who is being greedy.

Who knows? C.E.O.s? Employees? Shareholders? Customers? 11,000 jobs yes, smart reorganization might channel those jobs into the pending retirement line up. Whenever something like this happens the main focus is invariably on jobs..........you can't have jobs for the sake of having jobs. Efficiency should be the first concern. Cut the working hours (and salaries) by 4% - problem solved! (If in fact there is no "dead wood" in the organization) THAT I doubt! -

 

[Kreskin]

This has nothing to do with taxes and has everything to do with the customer and industry using technology.

 

[captain morgan]

This has nothing to do with taxes and has everything to do with the customer and industry using technology.

Has technology really changed that much in the last while that has resulted in big corps not needing 4% of their staff?

 

[EagleSmack]

What is the salary and bonuses of those two head honchos?

If I had to guess and use one word... ENORMOUS.

 

[JLM]

Has technology really changed that much in the last while that has resulted in big corps not needing 4% of their staff?

I doubt it, perhaps just weeding out 4% takes care of a small percentage of the lazy bastards! - (P.S. I'm generally not all that big on some white collar jobs- breeding grounds for a lot of theft) -

If I had to guess and use one word... ENORMOUS.

And I might add heinous, nefarious, horrendous and criminal! -

 

[Kreskin]

Has technology really changed that much in the last while that has resulted in big corps not needing 4% of their staff?

Yes considerably. And so has the customer.

 

[petros]

In the past two yearsish?

 

[Kreskin]

In the past two yearsish?

More in the last 2 years than the previous 200 by a long shot.

 

[petros]

How so? Gadgets have been around more than 2 years.

 

[L Gilbert]

"Citigroup today announced a series of repositioning actions that will further reduce expenses and improve efficiency across the company while maintaining Citi's unique capabilities to serve clients, especially in the emerging markets. These actions will result in increased business efficiency, streamlined operations and an optimized consumer footprint across geographies."​

Translation; 11,000 sacked.​

The lay offs, which will save $1.1 billion annually in spending, is one of the first moves by new CEO Michael Corbat, who stepped in for outgoing chief executive Vikram Pandit two months ago.

It'd be nice if Mike Corbat would become Prez or PM. Trim the blubber off expensive gov'ts.

 

[Kreskin]

How so? Gadgets have been around more than 2 years.

Foot traffic is probably down 50% in the last 3 or 4 years. Corporately internal use of social media is replacing old communications. There is so much redundancy in so many areas I expect this is just the tip of the iceberg.