Citigroup planning 45,000 layoffs (on top of the 17,000 already laid off earlier this year)

[w¡n9Nµ7 §£@¥€r 123]

NEW YORK -- Citigroup Inc. executives are looking at ways to cut costs amid a worsening business environment, a process that could culminate in layoffs, the company said Monday.

"We are engaged in a planning process in anticipation of our new CEO, and our business heads are planning ways in which we can be more efficient and cost effective to position our businesses in line with economic realities," spokeswoman Christina Pretto said in a statement.

...

If the cost-cutting review results in layoffs, it would be Citigroup's second recent round of cuts. Earlier this year, the company unveiled a plan to slash costs by, in part, eliminating about 17,000 jobs, roughly 5% of its global work force.

CNBC reported Citigroup is planning as many as 45,000 layoffs in coming months, with cuts expected across the company, not just in its fixed-income business.

http://online.wsj.com/article/SB119613414978804950.html

[one...two...tree 2,762]

I'm wondering if the people who'll they'll be laying off anticipated it before they took the job?

With film animation, an animator is usually only hired for the project, or in television, for a season. When there's enough new films and tv series, there's no problem in finding work elsewhere.

[w¡n9Nµ7 §£@¥€r 123]

I'm wondering if the people who'll they'll be laying off anticipated it before they took the job?

With film animation, an animator is usually only hired for the project, or in television, for a season. When there's enough new films and tv series, there's no problem in finding work elsewhere.

About exactly one year ago, there was a mass exodus of IT people from the employer I worked for at the time. Many of them went to Citi, which was hiring en masse. So far, I have emails in my inbox, received in the last week, from all but one of them - asking me to keep an eye out for them because they're about to lose their jobs.

So, no - the people I know did not anticipate losing their jobs this soon. If anything, they thought they were escaping an unstable workplace and entering a more stable one.

[one...two...tree 2,762]

I'm wondering if the people who'll they'll be laying off anticipated it before they took the job?

With film animation, an animator is usually only hired for the project, or in television, for a season. When there's enough new films and tv series, there's no problem in finding work elsewhere.

About exactly one year ago, there was a mass exodus of IT people from the employer I worked for at the time. Many of them went to Citi, which was hiring en masse. So far, I have emails in my inbox, received in the last week, from all but one of them - asking me to keep an eye out for them because they're about to lose their jobs.

So, no - the people I know did not anticipate losing their jobs this soon. If anything, they thought they were escaping an unstable workplace and entering a more stable one.

What is the business cycle? What about contracts of employment, severance pay, etc.?

[w¡n9Nµ7 §£@¥€r 123]

What is the business cycle? What about contracts of employment, severance pay, etc.?

There are no contracts. I've never had one. Severance pay with 1 year of service is a joke. 1 week, maybe 2? The business cycle for an IT person at Citi corresponds to the business cycles of the financial services industry.

[Ban Hammer 13,364]

I'm wondering if the people who'll they'll be laying off anticipated it before they took the job?

With film animation, an animator is usually only hired for the project, or in television, for a season. When there's enough new films and tv series, there's no problem in finding work elsewhere.

About exactly one year ago, there was a mass exodus of IT people from the employer I worked for at the time. Many of them went to Citi, which was hiring en masse. So far, I have emails in my inbox, received in the last week, from all but one of them - asking me to keep an eye out for them because they're about to lose their jobs.

So, no - the people I know did not anticipate losing their jobs this soon. If anything, they thought they were escaping an unstable workplace and entering a more stable one.

What is the business cycle? What about contracts of employment, severance pay, etc.?

around here, severance is "how much leave do you have saved up"

[w¡n9Nµ7 §£@¥€r 123]

around here, severance is "how much leave do you have saved up"

That's pretty good. My current employer doesn't let you keep PTO days you didn't take. My severance is NJUI

[one...two...tree 2,762]

What is the business cycle? What about contracts of employment, severance pay, etc.?

There are no contracts. I've never had one. Severance pay with 1 year of service is a joke. 1 week, maybe 2? The business cycle for an IT person at Citi corresponds to the business cycles of the financial services industry.

That's got to be stressful. Hard to settle into a house, raise a family under such job instability.

[mawilson 2,133]

What is the business cycle? What about contracts of employment, severance pay, etc.?

There are no contracts. I've never had one. Severance pay with 1 year of service is a joke. 1 week, maybe 2? The business cycle for an IT person at Citi corresponds to the business cycles of the financial services industry.

That's got to be stressful. Hard to settle into a house, raise a family under such job instability.

That's why you need a savings buffer of at least 6 months wages.

[w¡n9Nµ7 §£@¥€r 123]

What is the business cycle? What about contracts of employment, severance pay, etc.?

There are no contracts. I've never had one. Severance pay with 1 year of service is a joke. 1 week, maybe 2? The business cycle for an IT person at Citi corresponds to the business cycles of the financial services industry.

That's got to be stressful. Hard to settle into a house, raise a family under such job instability.

Not if you have a good skillset. I own, everyone I referred to a few posts ago owns. During bad times, we become contractors and buy own benefits, that's all.

What is the business cycle? What about contracts of employment, severance pay, etc.?

There are no contracts. I've never had one. Severance pay with 1 year of service is a joke. 1 week, maybe 2? The business cycle for an IT person at Citi corresponds to the business cycles of the financial services industry.

That's got to be stressful. Hard to settle into a house, raise a family under such job instability.

That's why you need a savings buffer of at least 6 months wages.

6 months? 18 is safer.

[mawilson 2,133]

That's why you need a savings buffer of at least 6 months wages.

6 months? 18 is safer.

True, but not many people have that kind of money lying around.

[w¡n9Nµ7 §£@¥€r 123]

That's why you need a savings buffer of at least 6 months wages.

6 months? 18 is safer.

True, but not many people have that kind of money lying around.

Corporations have a moral responsibility to give us that much

[russ 1]

That's got to be stressful. Hard to settle into a house, raise a family under such job instability.

Citi has been "cutting costs" for about 2 years now. I have lots of friends there, it isn't a very fun place to work. Of course, it never really has been in the past either.

[Dr. A ♥ O 203]

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

[one...two...tree 2,762]

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

Employee owned companies don't seem to suffer from that problem.