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16 Comments on 50,000 Jobs to be Eliminated at Citigroup
It seems that we see this type of news every day now. It sure would be good to see some positive news. I do hope that our lenders can get back on their collective feet soon.
Dean
Too bad for all the workers. Having a job is going to be a rare commodity soon.
Dean, Clearly, too many of the lenders got on board with the quick money loans and now they are paying the price. So will survive and others will go by the wayside. Hopefully, they have learned valuable lessons and going forward make better business decisions.
Krystal, In my other life I was an "efficiency expert". Typically my firm was called in to eliminated jobs, at a minimum of 20%. I can tell you, they always start at the bottom. Those most vulnerable, who can ill afford any kind of job loss. If the numbers don't achieve the goal at that level, they start to pick off the least favored departments and department heads. This is a bloodbath at one seventh of their workforce. I also think of the rippling affect on the local economies of the neighborhoods where these employees work and live. The fallout will be far more than just 50,000 worldwide.
My loan is with Citigroup. And, I have recently met some sellers that will need to be in a short sale position. When this happens, as it so often has, starting with IndyMac...right in the middle of a deal I was working on, it makes life much more difficult for us all. I, too, hope that this will turn around soon. I saw our President-Elect on 60 minutes last evening, and it appears that he "gets it" and will be making some changes via executive order. He has nearly two months to get prepared and I;m sure some thoughtful changes will be effected. Let's hope so.
Suzanne,
Thanks for stopping by. I hope that the president elect's policies will stimulate consumer and investor confidence. We need the money to flow through the economy like blood through our veins. It is the life line for job creation and a better tomorrow.
Yes it is not pretty at all ! Closing at $6.40 today is very ugly... maybe a great buy ??? Is rough out there.
William,
The consolidation at Citi goes a whole lot deeper than loan officers. I think they'll survive and rebound. I'd rather be buying their stock than that of GM!
Mike in Tucson
Hey, William. I also read the comments, including yours about previously being an efficiency expert. I thought I had wanted to have a company like that, but in my very first go at it, I was hired to make the communications system more efficient. Their first go at it, eliminating 25 jobs, didn't have a noticeable effect.
I wound up saving the company over $100,000 a month in communications costs, but interestingly the person who hired me was the Vice-President of Operations, and he was the #1 problem. He thought he was immune until the President/Owner found out I was terminating our contract and asked me why. The whole company on all ten floors heard the "conversation" between the President and Vice-President that afternoon. I don't know the outcome, but I saw that efficiency would have to be applied to my own life and company, not to others.
Sad to see this news about Citi. When you see the more conservative type establishments start to struggle for dear life, you KNOW it's gotten bad.
Regards,
Chris Hallmark
Its just sad all around. I mean when is it going to end? That's the question I want to know. God help us all but things got to get better soon. Happy Thanksgiving to you and your family. Great post.
The Citigroup story is an interesting one ... it seems to change daily. Looks like the company now though will weather through the storm ! Have a great Thanksgiving weekend !
William.... it is getting ugly out there. Even those that you think are safe, aren't. On another note, I hope all is well.. I haven't seen you around in the last 3 weeks. You have been one of my stronger supporters of lately. And I actually wanted to pay it forward, but haven't seen you pop lately.
What crazy, sad and yet oportunistice time...Thanks for the info on Citi and best of luck in 2009.
Hi Bill,
I see you have really got this bloggin thing down. I'm a novice. How did you get all those darn points!!! Check out my page www.activerain.com/cjpressley.
Your Realtist Sista,
Candis
there is a book highly informative and educational that predicts the failure of those do it all corporation , the book is Focus by Al Ries a must read for all small business owners. " you can't be everything to everyone.
And just think..this company didn't even get involved in sub prime lending and look where they are. Go figure.
Chris Hallmark
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