Citigroup to cull workforce
Discussion
From the Beeb......
US bank Citigroup has announced plans for up to 75,000 job cuts, up from a previously announced total of 23,000.
Citigroup's website said the cuts represented a reduction of about 20% of its staff, leaving the bank with 300,000 jobs worldwide.
The cuts will come from redundancies, the sale of units and natural wastage, the bank said.
Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.
US bank Citigroup has announced plans for up to 75,000 job cuts, up from a previously announced total of 23,000.
Citigroup's website said the cuts represented a reduction of about 20% of its staff, leaving the bank with 300,000 jobs worldwide.
The cuts will come from redundancies, the sale of units and natural wastage, the bank said.
Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.
BermyAndy said:
off_again said:
Don't forget that Citi just recently bought Wachovia.
Wachovia has around 122,000 employees so a combined group of nearly 500,000 employees means a 'kull' of 75,000 is significant, but to be expected in the current market.
no they didntWachovia has around 122,000 employees so a combined group of nearly 500,000 employees means a 'kull' of 75,000 is significant, but to be expected in the current market.
Shame the media fail to report these things. Yet more reasons for me to hate the self-publicising bunch of idiots who work for wonderful and illustrious media. Report one thing, yet fail to actually follow up on it.
Phah.
50000 job losses makes for a good headline, but it's not that dramatic. What they are actually doing is planning to end up with a total of 50000 fewer employees. They will do this by selling off parts of the business, not replacing retiring or departing employees and a combination of voluntary and non-voluntary redundancies. A lot of people will lose their jobs, but it won't be as bad as the headlines gleefully suggest.
B17NNS said:
Spoke to my best mate yesterday. He works for City Group in Manhattan. He is one of 4 VP's in his department. Been told they need to reduce that down to two.
That sounds about right, one thing that was certainly true of the area I worked is that there's were too many managers. Their only apparent purpose was to have meetings with the other managers from slightly different areas, to discuss projects which required little discussion, and which would always turn out s
te because not enough regular staff were able to give input. The whole management system was massively dysfunctional.They could have trimmed away a whole management layer and no one would have noticed, except the girls who book the meeting rooms.
tinman0 said:
off_again said:
Don't forget that Citi just recently bought Wachovia.
Wachovia has around 122,000 employees so a combined group of nearly 500,000 employees means a 'kull' of 75,000 is significant, but to be expected in the current market.
No it didn't. Wells Fargo did.Wachovia has around 122,000 employees so a combined group of nearly 500,000 employees means a 'kull' of 75,000 is significant, but to be expected in the current market.
off_again said:
BermyAndy said:
off_again said:
Don't forget that Citi just recently bought Wachovia.
Wachovia has around 122,000 employees so a combined group of nearly 500,000 employees means a 'kull' of 75,000 is significant, but to be expected in the current market.
no they didntWachovia has around 122,000 employees so a combined group of nearly 500,000 employees means a 'kull' of 75,000 is significant, but to be expected in the current market.
Shame the media fail to report these things. Yet more reasons for me to hate the self-publicising bunch of idiots who work for wonderful and illustrious media. Report one thing, yet fail to actually follow up on it.
Phah.
However, the Wells Fargo deal was widely reported as there was a huge row about it with the US Treasury dept at the time. Surprised you missed it.
Neil_H said:
B17NNS said:
Spoke to my best mate yesterday. He works for City Group in Manhattan. He is one of 4 VP's in his department. Been told they need to reduce that down to two.
That sounds about right, one thing that was certainly true of the area I worked is that there's were too many managers. Their only apparent purpose was to have meetings with the other managers from slightly different areas, to discuss projects which required little discussion, and which would always turn out ste because not enough regular staff were able to give input. The whole management system was massively dysfunctional.They could have trimmed away a whole management layer and no one would have noticed, except the girls who book the meeting rooms.
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