Citigroup Plans to Cut 20k Jobs • Hacker News Board

Re: Citigroup Plans to Cut 20k Jobs

#121

Post by pixl97 » Fri, Jan 12, 2024, 5:24 PM UTC

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.

I don't think 390 results is going to solve the US housing crisis.

In addition if pressure demands that lower priced houses are in demand those costs will go up.

Lastly, hopefully you can remote work, or surviving on that $28 and hour in OH is going to be fun.

Re: Citigroup Plans to Cut 20k Jobs

#122

Post by nilptr » Fri, Jan 12, 2024, 5:24 PM UTC

cjbgkagh wrote: post #62

ses1984 wrote: post #56

Earlier quoted context omitted.

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

I think that distinction will shrink over time as Microsoft sees ads as the future of their revenue growth.

Microsoft sees ads as an add-on to existing revenue streams. It's core is software and software services.

They couldn't be more different other than both being tech companies.

Re: Citigroup Plans to Cut 20k Jobs

#123

Post by megabless123 » Fri, Jan 12, 2024, 5:26 PM UTC

pirate787 wrote: post #91

punkbit wrote: post #29

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.

yup, universal basic income too.

Re: Citigroup Plans to Cut 20k Jobs

#124

Post by gurumeditations » Fri, Jan 12, 2024, 5:26 PM UTC

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.

Any place where jobs are, house prices went up 50-100% or more since pre COVID.

Re: Citigroup Plans to Cut 20k Jobs

#125

Post by bugglebeetle » Fri, Jan 12, 2024, 5:27 PM UTC

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.

Ah yes, a city famous for its myriad job opportunities, Cleveland.

Re: Citigroup Plans to Cut 20k Jobs

#126

Post by justin66 » Fri, Jan 12, 2024, 5:27 PM UTC

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.

Not any good ones. I'm astonished at how prices have increased.

People don't need to speculate, or engage in some kind of weighing of Cleveland as a place someone might want to live. Just bring up Cleveland in realtor.com and look at the very few, very low quality house options under 100k. And then consider that most people are going to be living in a suburb that's a lot more expensive anyway.

Re: Citigroup Plans to Cut 20k Jobs

#127

Post by dehrmann » Fri, Jan 12, 2024, 5:27 PM UTC

ptero wrote: post #50

punkbit wrote: post #29

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

I am not trying to sound flippant, but layoffs happen, and especially at companies that are not doing well (and Citigroup is not managing money well) they are normal. Then, those working at Citigroup are likely to get some form of severance. While I do not know the exact composition of the layoffs I suspect that many of those are well paid and have comfortable cushion. Furthermore, US economy is still chugging along…

> unemployment is low by historical standards, so a significant portion of those laid off will likely find another job

It feels like the layoffs have mostly been in banking and tech, and that gets hidden in the overall unemployment rate.

Re: Citigroup Plans to Cut 20k Jobs

#128

Post by [deleted] » Fri, Jan 12, 2024, 5:27 PM UTC

rgbrenner wrote: post #110

preommr wrote: post #96

Earlier quoted context omitted.

> bull market will return Return? It's been 'line only ever goes up' since November.

Expectation of a bull market. Right now companies arent being penalized for layoffs because there's some uneasiness about the impact of the feds actions. A lot of people expected a recession from pushing interest rates this high, but it hasn't happened. Once it's clear that there will be no recession from the fed's actions (ie: when rates drop), CEOs will be fully responsible for their company's poor performance in t…

[deleted]

Re: Citigroup Plans to Cut 20k Jobs

#129

Post by y-c-o-m-b » Fri, Jan 12, 2024, 5:28 PM UTC

pirate787 wrote: post #91

punkbit wrote: post #29

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.

Agree with everything, but the last point. Fuck work ethic! Take as much as you can by outputting as little as possible to keep you out of trouble. That's how it's done in this age. There is no such thing as loyalty. Employers will screw you at every opportunity. If you're smart, you'll do the same in return. This is how I've operated in FAANG for the last couple of years and I have no regrets. When I'm inevitably laid off, at least I won't have wasted years of my life pouring "work ethic" into this company that barely recognizes my existence let alone treat me with respect.

Re: Citigroup Plans to Cut 20k Jobs

#130

Post by bogomipz » Fri, Jan 12, 2024, 5:31 PM UTC

hipadev23 wrote: post #3

"by the end of 2026"

Agreed that that that that qualifier or similar(over the next two years) would have made sense. However that's 200K began in earnest two month ago already:

>The bank began layoffs in November. At the time, employees speculated Citi would ultimately cut 10% of its workforce.

>They were spot on, executives confirmed Friday.

I can't imagine the morale working in an environment where layoffs are slated to continue for the next two years. Citibank had already been a toilet of a bank for some time. I'm guessing a multi-year layoff plan will do little to alter that.