Housing is extremely expensive. I wonder how people pay rent, mortgage, and other expenses with so many layoffs.
People need to live within their means and save emergency funds, and develop marketable skills and positive work ethic.
Citigroup Plans to Cut 20k Jobs
91–100 of 213 posts
Re: Citigroup Plans to Cut 20k Jobs
#92What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
Noone wants to cut during the holidays. I'm guessing most of these were decided months ago. You're just seeing them happen as people get back into the office.
Re: Citigroup Plans to Cut 20k Jobs
#93What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
For one, this is not an announcement of 20K layoffs. It's an announcement of planned reduction in headcount as of 2026. Also, it's global workforce, not US. Also, go look at the BLS JOLTS data. Job separations happen by the millions every month even when we see net job growth. Seeing headlines about job losses at a particular company are only news as it pertains to that company. It doesn't imply a national or global trend.
https://www.bls.gov/news.release/jolts.htm Nov 2023 saw 1.5M involuntary separations (ie layoffs) in a month that saw a net of 200K new jobs.
Re: Citigroup Plans to Cut 20k Jobs
#94What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
Rate cuts are not a given with the hotter CPI print this month
Re: Citigroup Plans to Cut 20k Jobs
#95What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
The Fed's suggestion of 3 rate cuts down to 4.5% are still quite high compared to the period of a decade of essentially ZIRP that preceded it.
The futures market expectation of 6 rate cuts is likely equivalent to a bet that there will be a recession by the year's end.
Either way you have "end-of-cheap-money" conditions or "recession" conditions and so the ZIRP-fueled hiring boom needs to get reversed.
Honestly I don't think there's much of a distinction and that the end-of-cheap-money leads to these kinds of layoffs which will eventually trigger a recession, combined with vulnerable sectors of the economy (commercial real estate, private equity) popping.
For all the fanfare that we've managed to hit a soft landing, the historically based fed-cycle recession predictions were always that a recession typically comes 6-12 months after the Fed STOPS hiking rates -- which means this July.
Re: Citigroup Plans to Cut 20k Jobs
#96What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
This is everyone's last chance to trim their roles before the rate cuts. Once the rate cuts occur, the bull market will return, and companies doing layoffs (sending the message they are not experiencing growth) will be punished by the market.
> bull market will return
Return? It's been 'line only ever goes up' since November.
Re: Citigroup Plans to Cut 20k Jobs
#97What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
>> The market is expecting the Fed to start cutting interest rates...
However:
> Just about every time the Fed started CUTTING rates dating back to 1950, the unemployment rate has spiked.
[1] pic.twitter.com/DChSRJJdD7
Re: Citigroup Plans to Cut 20k Jobs
#98What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
The March rate cuts are not guaranteed. The markets can stay irrational longer than you (the companies in question) can remain solvent.
Re: Citigroup Plans to Cut 20k Jobs
#99Earlier quoted context omitted.
BoA has this, if you have at least $100k - a 2.625% cash back card, and with Merrill also has competitive HYSA (last I checked, 0.5% higher than Citi). BoA can be great if you have money, but sucks if you don't.
What do you mean have at least $100K? Like in one of their savings accounts? You can get 5% APY right now from Wealthfront in their savings, so you'd have to forgo a lot of interest to get that extra 0.625% over Citi's credit card.
Linked investment account counts. You just need $2500 in a checking account, the rest can be in whatever ETF or stock you'd like.
Re: Citigroup Plans to Cut 20k Jobs
#100Earlier quoted context omitted.
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.
Can you explain what you mean by desperate?
Poor severance packages and few opportunities?