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Citigroup Plans to Cut 20k Jobs

wsj.com

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Re: Citigroup Plans to Cut 20k Jobs

#111

Post by wnevets »

raziel2701 wrote: post #81

What'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…

> What's going on with all these job cuts all concentrated now?

This is how I am imagine it went down.

> Excuse me, sir. The council is worried about the economy heating up. They wondered if it'd be possible to fire 500000. Maybe from one of the smaller companies where no one would notice, like one of the cab companies.

> Fire one million.

Re: Citigroup Plans to Cut 20k Jobs

#112

Post by konschubert »

toomuchtodo wrote: post #63
mattbrewsbytes wrote: post #49

[flagged]

There is no recession, enterprises are struggling to obtain profits from zero interest rate macro that is unattainable in the current macro. Unemployment will remain low due to structural demographics (10k Boomers retiring per day, 3.65M/year, 1.8M people over the age of 55 die every year, ~1/2 of which are in the labor participation rate). A healthy economy creates ~1-3M jobs/year. So there will be churn as long as…

In a tight labour market, you will also see firings because less profitable companies can no longer afford the rising wages.

The people fired will immediately be rehired by other companies.

Re: Citigroup Plans to Cut 20k Jobs

#113

Post by punkbit »

nly wrote: post #100
punkbit wrote: post #58

Earlier quoted context omitted.

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?

They were about to renew the house/flat contract, but the landlord decided to sell. So, looking for a new job and a new place while unemployed.

Re: Citigroup Plans to Cut 20k Jobs

#114

Post by toomuchtodo »

konschubert wrote: post #112
toomuchtodo wrote: post #63

Earlier quoted context omitted.

There is no recession, enterprises are struggling to obtain profits from zero interest rate macro that is unattainable in the current macro. Unemployment will remain low due to structural demographics (10k Boomers retiring per day, 3.65M/year, 1.8M people over the age of 55 die every year, ~1/2 of which are in the labor participation rate). A healthy economy creates ~1-3M jobs/year. So there will be churn as long as…

In a tight labour market, you will also see firings because less profitable companies can no longer afford the rising wages. The people fired will immediately be rehired by other companies.

Indeed, and unemployment coffers are mostly full, so collect whatever benefits you can between roles. Have a robust emergency fund, don't overextend with unproductive debt. I believe you can collect Social Security and unemployment at the same time (if applicable due to age) as well (but double check).

Re: Citigroup Plans to Cut 20k Jobs

#116

Post by mint2 »

grepfru_it wrote: post #22
Kon-Peki wrote: post #12

Earlier quoted context omitted.

> Disaster long in the making 16 years ago I told them that making me whole wasn't enough - since they called me a liar in writing they needed to provide an apology in writing. And I wouldn't do business with them until that happened. Still waiting, and still not doing business with them.

Don’t know if you are actively avoiding Citi, but this tone rings a bell. I have been boycotting PNC bank since 2006. They stole over $700 from me. They gave me $300 back to settle. I refuse to do business with them. I went to a Pirates game, saw it was PNC Park and noped out of there. Their market cap has since doubled. Fucking over the little person is OK in our society.

Pnc is horrible. My experience with them is that their anti fraud algorithms on corporate credit cards might as well be non-existent.

Re: Citigroup Plans to Cut 20k Jobs

#117

Post by NoboruWataya »

raziel2701 wrote: post #81

What'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…

Citi has been pretty dysfunctional, and job cuts were coming, for a long time. I know there have been a lot of tech layoffs announced lately and maybe there is something behind those but I wouldn't assume this announcement has the same cause.

Fraser (the CEO) has been talking a big game for months about taking drastic action to turn Citi around. Sooner or later she had to actually do something or else her own position would start to look very vulnerable.

Re: Citigroup Plans to Cut 20k Jobs

#118

Post by cowboyscott »

HDThoreaun wrote: post #82
ok123456 wrote: post #68

Earlier quoted context omitted.

The laid-off email job corporate worker isn't going to take a job for $15/hr at the Flying J unclogging toilets. You can't use the total national average unemployment rate, which has issues of its own, to say the economy is healthy. In the same way, the stock market indices aren't helpful either beyond catastrophic values.

Right, unemployment staying low through the layoffs show that the laid off have been able to find acceptable jobs.

Not to nitpick, but I wonder if we can better define "acceptable." For a good layoff outcome, I'd expect the employee to find a new gig within a few months, that's +/- X% of their previous comp. Open question: has anyone seen this data?

Re: Citigroup Plans to Cut 20k Jobs

#120

Post by theossuary »

nradov wrote: post #103
pixl97 wrote: post #69

Earlier quoted context omitted.

Unemployment is historically low, but costs are historically high. In 2008 we saw that the state change from good to bad can happen rapidly and contagiously between industries. > They can also downsize and/or move to an area with lower cost of living. No, not really. There are simply no housing units available in the US to do that. All new housing is huge 2000sq/ft +. In addition housing prices are just off the chart…

Come on, stop making up nonsense. Just to pick one example there are numerous single family homes near Cleveland on the market for under $100K.

Cool, but Ohio just made it illegal for me to live there; so that doesn't do me a lot of good.
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