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Citigroup Plans to Cut 20k Jobs

wsj.com

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Re: Citigroup Plans to Cut 20k Jobs

#51

Post by NegativeLatency »

onlyrealcuzzo wrote: post #41
thiago_fm wrote: post #21

They do an outstanding job in mismanaging money. Surprised they are only cutting that much. They are on their way to become a new credit suisse, hopefully this helps to change that course. If you are interested in this subject, compare it to other big banks like JPMorgan Chase, Bank of America etc. The difference is abysmal.

Compare it how? Isn't Citi as different from Chase bank as Microsoft is from Google? Sure - they are both "financial" companies just like Microsoft and Google are both "tech" companies.

Microsoft and Google are pretty similar IMO, since both have: a browser, a search engine, an operating system, have or have tried to have a phone, both do some amount of hardware, and both also have cloud platform offerings.

Re: Citigroup Plans to Cut 20k Jobs

#52

Post by punkbit »

antongribok wrote: post #38
punkbit wrote: post #29

Housing 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?

I hope that's the case where in the location where you are typing from. Unfortunately, it's not the case in places where I have family and friends. Some examples are in cities in Portugal, England, Spain, Germany, etc. In fact, in the past couple of days, I have found to have unrelated people I know about who are desperately looking for a place, separate cases but similar stories in London and Lisbon.

Re: Citigroup Plans to Cut 20k Jobs

#53

Post by idkyall »

gpderetta wrote: post #13
bob1029 wrote: post #11

Even 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.

Customer facing positions are only a tiny part of what a large bank does.

Plus customer facing employees aren't just the people in the branches, there's a massive volume of phone/email/etc support any large credit card issuer receives on a daily basis.

Re: Citigroup Plans to Cut 20k Jobs

#56

Post by ses1984 »

NegativeLatency wrote: post #51
onlyrealcuzzo wrote: post #41

Earlier quoted context omitted.

Compare it how? Isn't Citi as different from Chase bank as Microsoft is from Google? Sure - they are both "financial" companies just like Microsoft and Google are both "tech" companies.

Microsoft and Google are pretty similar IMO, since both have: a browser, a search engine, an operating system, have or have tried to have a phone, both do some amount of hardware, and both also have cloud platform offerings.

One makes money selling software and one makes money selling ads.

Re: Citigroup Plans to Cut 20k Jobs

#58

Post by punkbit »

nly wrote: post #48
punkbit wrote: post #29

Housing is extremely expensive. I wonder how people pay rent, mortgage, and other expenses with so many layoffs.

I got laid off this week. Plan on switching the mortgage over to interest payment only for 6 months to help cash stretch. Legislation came in the UK to help with this last year. It's called the "Mortgage Charter"

Hope it works for you! I'm in London; some close friends also lost their jobs a week before Xmas and are completely desperate.
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