Is it possible to tag these layoff/job cut posts in some way so they can easily be aggregated?
Citigroup Plans to Cut 20k Jobs
31–40 of 213 posts
Re: Citigroup Plans to Cut 20k Jobs
#32Is it possible to tag these layoff/job cut posts in some way so they can easily be aggregated?
well there's https://layoffs.fyi/, but it won't capture Citigroup, its tech focused.
Re: Citigroup Plans to Cut 20k Jobs
#33Interesting that in beginning of January a lot of the job cuts are being announced, I'm sure decisions were made previous months. Is it because of the time to recover for potential backslash in the quartarely reports or any other reason?
Companies usually avoid laying off people before the holidays.
My company did that once and despite not being a company that's ever really in the news, made the news for that reason.
Re: Citigroup Plans to Cut 20k Jobs
#34Interesting that in beginning of January a lot of the job cuts are being announced, I'm sure decisions were made previous months. Is it because of the time to recover for potential backslash in the quartarely reports or any other reason?
Companies usually avoid laying off people before the holidays. My company did that once and despite not being a company that's ever really in the news, made the news for that reason.
Oh snap, that logic escaped me.
Re: Citigroup Plans to Cut 20k Jobs
#35Interesting that in beginning of January a lot of the job cuts are being announced, I'm sure decisions were made previous months. Is it because of the time to recover for potential backslash in the quartarely reports or any other reason?
No one likes being the Grinch in December.
True that, I was totally having just the capitalist markets in mind when that thought went in my head. :D tnx for clarificaiton
Re: Citigroup Plans to Cut 20k Jobs
#36And as always I assume most of the senior leadership will go unscathed, and might even collect a bigger bonus due to "successfully reducing the cost structure".
Re: Citigroup Plans to Cut 20k Jobs
#37Even with 947 branches I don't understand how you wind up with 200k employees. Assume every single branch is staffed by no fewer than 20 people. That gets you to ~20k employees to run all brick & mortar retail ops. What the hell are the other 180k employees doing? That's still more than all of Google today.
I work at a similar bank. We have ~100 employees dedicated to mainly one regulator. There are hundreds of regulators worldwide. Of course there is some overlap in functions so its not 100s*100 but... running a bank is a hard business.
Banking in the modern age is a compliance business.
It is strange and horrible that it is become like that, but that's where we are.
More sectors than one would think are primarily compliance businesses.
Re: Citigroup Plans to Cut 20k Jobs
#38Housing is extremely expensive. I wonder how people pay rent, mortgage, and other expenses with so many layoffs.
Aren't we already seeing rent prices going down?
Re: Citigroup Plans to Cut 20k Jobs
#39Earlier quoted context omitted.
I worked at JPM in investment banking. At least on the IBank side, it was an incredibly well run company. I’m not gonna say there’s no bureaucracy there, but for a company with 200k+ employees it ran very efficiently. And they have always been relatively conservative, not taking on the riskiest bets that some of their peers did, which puts them into a very strong position to take advantage of downturns.
Yes they are incredibly conservative. They generally don't pay terribly well for non-revenue generating roles, for a broad definition of "non-revenue generating". I have had rounds of interviews with them over the years where they put me through a bunch of rounds, feel me out, and realize that actually.. they can't really afford me. I know people who take a job there and JPM nickel & dimes you on the way in, lies abo…
Halve/quarter your downsides, double your upsides, and you get a more accurate reflection for the Consumer/Small Business side of the house. IB/Commercial have a higher starting point but I am not familiar with the dynamics there. IT/Corporate is on par with Consumer/Small Business.
That said, perceived poor performers really don't get paid well or get bonuses, and that's usually the only clear signal you get.
Re: Citigroup Plans to Cut 20k Jobs
#40Earlier quoted context omitted.
In America. The gap between JPM and Citi is incredible. Part of JPM's success is that it has basically been deemed "America's Bank" by the government, but the mismanagement at Citi is tangible too.
I worked at JPM in investment banking. At least on the IBank side, it was an incredibly well run company. I’m not gonna say there’s no bureaucracy there, but for a company with 200k+ employees it ran very efficiently. And they have always been relatively conservative, not taking on the riskiest bets that some of their peers did, which puts them into a very strong position to take advantage of downturns.
why chase still does 0% for saving and checking,which forces me to transfer most of my money to fidelity