Citi to cut about 20,000 jobs as it doubles down on its corporate overhaul (msn.com) The cuts, which were detailed in Citi's earnings report on Friday, could save the company as much as $2.5 billion. The bank also said it had suffered a "very disappointing" Q4 in 2023, partially due to about $780 million in restructuring charges "related to actions taken as part of Citi's organizational simplification." Citigroup had said in September it would be overhauling its corporate structure and cutting management layers, which was expected to include job losses. Internally, the initiative is known as "Project Bora Bora," and employees have discussed cuts that could amount to at least 10% of the company's workforce in several major businesses, according to CNBC. Redundancies related to the overhaul began in November, CNBC reported. The bank is not alone in pushing forward with job cuts in 2024. Google laid off hundreds of workers, and Amazon is also laying off "several hundred" employees in its Amazon Prime Video and Amazon MGM Studios divisions. Yet we have those on the left claiming everything is fine, especially citygator , he's the lefts Baghdad bob
I’m not sure what restructuring a company that has acquired too much management over the years has to do with the economy. Can you illustrate how they tie together? My company made record profits last year and is setting our goal to make an additional 6-8% this year. We’re exceptionally healthy and as of next Friday we’ll already have had two groups of layoffs in 2024. Maybe there’s a wider issue in the economy but neither Citigroup nor my company would be testament to that IMO.
The laid off folks will have to work two jobs to make ends meet. But that will bolster the next Biden jobs report.
Not enough people wanting windmill power generation? They were/are big into financing wind power generation.
I already pointed out to him that in 2018 there were 22 million layoffs, it’s a normal part of business. It may be worse this year it may not be. But until someone can provide a number compared to previous years showing it’s worse, stuff like this is just confirmation bias porn.
Whoa. You got me. “Hundreds” of Google jobs out of 174,000? “Hundreds” of Amazon jobs, out of 1,540,000? Plus a whole bank restructure? I think you called it pal. Nice one.
MY DIL who works at Citi in NYC is sweating it. Waiting for the sword of Damocles to either fall or not. She is paid very well but works 7 days a week usually to 10pm every night so it might be a hidden blessing to her to get downsized.
Fixed it for you. The laid off folks will have to work two most likely obtain new jobs. But that will should bolster the next Biden jobs report.
A year in which we supposedly had the best economy in history according to the defeated former president. 2019 was one of the decade's worst years for job cuts in the US Said it before in response to one of your other misleading posts on the subject, it's not layoffs taken in a vacuum that matter; it's the net difference between layoffs and new jobs and once again the latter is more likely to exceed the former.
Just a question to the poster who rated this post as "funny". Was it funny based on the absurd remark by the former president that economy was the best in history in 2019 or is it funny based on the absurd notion that proposed layoffs by one company is indicative of the economy as a whole?
The economy might be terrible or doing fine, and I agree with the posters in this thread that only a systemic study of factors could help us to rightly make this determination.
Looking at one stat to try and describe the economy as a whole is silly. Total forest for the trees. Another stat to look at? How quickly will the 20k find a new job? If current trends hold, 10k will have found a new job within two months. Unemployment numbers is a better indication. There's always people being laid off, even in good economies. If unemployment doesn't rise, or even goes down, then it's in indication the economy s fine, or even doing well. Even with the layoffs.
These desperate attempts to post questionably bad economic news here are pathetic cries for help from the OP.
Also keep in mind that even the title of the thread is deceptive. Citigroup is proposing to cut 20,000 jobs over three years. The title of the thread strongly implies that the job cuts will take place in the immediate future. Secondly, a reduction of 20,000 jobs doesn't necessarily mean that the reduction will be achieved entirely through layoffs as the title also implies (or at least that's the impression that the OP is trying to create) when most likely a number of the positions will be reduced through attrition i.e. retirements and/or normal resignations. Also keep in mind that the a reduction of 20,000 (noting again that's over three years) by one company in a workforce of over 167 million represents approximately 0.001 percent of the workforce.
I always wonder about these media reports, where reporters interchange "job cuts" with lay offs without paying attention to detail. My employer at the time, announced job cuts that amounted to 10% of the work force. The local papers, then national media outlets had huge headlines about 10% "lay off". By the time we eliminated all of the open positions across the company, eliminated planned headcount expansion for the next year and offered packages to those near 65 and above, we had almost reached the goal. Finally, we targeted people with the lowest rating in our review system and did end up separating a few dozen due to their documented performance, and I feel badly for those people, but the number was far less than 100 worldwide. In the end we never had to lay off one good employee. So, I always cast a skeptical eye when it comes to these headlines.
