Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Citigroup Plans to Cut 20k Jobs

wsj.com

Post reply on HN
Print view View original

161–170 of 213 posts

Re: Citigroup Plans to Cut 20k Jobs

#161

Post by octobus2021 »

ddano wrote: post #24

Interesting 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?

Citibank told their employees to work from home in December and common understanding was that it would make the upcoming layoffs easier (quick Zoom with HR and mailing the hardware back to the office is all it takes).

In addition their Q4 results came in REALLY bad ($1.8b loss) so they're using it to justify the cuts to appease the investors.

Re: Citigroup Plans to Cut 20k Jobs

#162

Post by DrBazza »

asdajksah2123 wrote: post #33
ddano wrote: post #24

Interesting 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.

Actually their favourite time to cull the workers is last quarter and ensure that you’re out before bonuses are announced and paid in January. That’s always November and December. That they’re doing this now is unusual for them.

Re: Citigroup Plans to Cut 20k Jobs

#164

Post by notatoad »

wolverine876 wrote: post #140
asdajksah2123 wrote: post #33

Earlier quoted context omitted.

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.

Many companies do cut people before the end of they fiscal year, to avoid tax consequences and budgeting issues in the new year.

It looks like this announcement was timed for the end of citi's Q4 today.

Re: Citigroup Plans to Cut 20k Jobs

#165

Post by 29athrowaway »

Layoffs?

Does the company have 10x the amount of people being laid off?

Did it happen after performance evaluations?

Yes, yes and yes? You got ranked and yanked.

https://en.m.wikipedia.org/wiki/Vitality_curve

Brought to you courtesy of MBA programs and their pseudoscience. Make MBAs illegal.

Re: Citigroup Plans to Cut 20k Jobs

#166

Post by matwood »

password54321 wrote: post #151
matwood wrote: post #74

Earlier quoted context omitted.

A healthy economy shouldn't go straight up, and neither should healthy companies. Adjusting the workforce is a normal course of business. The big media news early in the week started with Google having a lay off which eventually turned out to be ~1k people. It sucks for those people, but is < 1% of the workforce. It's not even something that should have made big news, but everyone is looking for anything to fit a rec…

You are really cherry picking to bring your point across. Google was not the only layoffs this week and last year we saw a dramatic increase in number of layoffs in tech from prior years. It is still hard to predict how this trend will continue but healthy is not the word I would describe things at the moment.

What was probably unhealthy was the insane amount of hiring that happened. Even with last year's cuts we're probably still above 'normal' company headcount growth trends.

Re: Citigroup Plans to Cut 20k Jobs

#167

Post by pie420 »

wnc3141 wrote: post #160
wolverine876 wrote: post #147

The primary concern is the people who have lost jobs, and for some, careers and dreams. Some of them are probably reading HN today. But for the economy, it could be a good thing: Talent moving from moribund, unambitious, lower-return businesses to dynamic, often new ones that are hiring and expanding for an optimistic future. (I say unambitous because they are, at least in this situation, cutting costs and talent rat…

I personally don't think its bad if firms just find excuses to keep people on payroll, regardless of the strategic significance.

that's how companies become walking zombies with entire departments that don't do anything, and eventually go under

Re: Citigroup Plans to Cut 20k Jobs

#168

Post by konschubert »

nobleach wrote: post #157
konschubert wrote: post #115

Earlier quoted context omitted.

Because they overhired during the cheep money spree?

"Overhired" is not always the best way to describe "hired with intentions to do things while capital was cheap". I saw a bunch of startups and larger that really did intend to build things. When hard times hit, some shut down. Some cancelled any lofty project that wasn't already committing to their bottom line. So the solution is, "never hire headcount to work on a project that might not be financially viable in a re…

I think I agree with you. I was just poking fun at the above comment who was blaming “managers” for what I think is mostly monetary policy.

Re: Citigroup Plans to Cut 20k Jobs

#169

Post by ProllyInfamous »

wolverine876 wrote: post #147

The primary concern is the people who have lost jobs, and for some, careers and dreams. Some of them are probably reading HN today. But for the economy, it could be a good thing: Talent moving from moribund, unambitious, lower-return businesses to dynamic, often new ones that are hiring and expanding for an optimistic future. (I say unambitous because they are, at least in this situation, cutting costs and talent rat…

>Unemployment is low

But underemployment (or even WILL for employment) are felt massively in certain communities (e.g. entry-level gig jobs).

I personally know a few people (with more than enough savings) to simply "not participate" in the current economy. Can't fault them (or myself).

Re: Citigroup Plans to Cut 20k Jobs

#170

Post by pixl97 »

nradov wrote: post #148
pixl97 wrote: post #121

Earlier quoted context omitted.

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.

As I wrote, Cleveland is just one example. There are literally thousands of other cities around the country where housing is affordable and home ownership rates are very high. Broaden your horizons.

How many thousands?

You realize that nearly 4 million homes are sold per month in the US, right?

Post reply on HN