Citigroup Plans to Cut 20k Jobs

Post by ok123456 » Fri, Jan 12, 2024, 7:50 PM UTC

konschubert wrote: post #109

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.

Median real wages are rising, too. And personally, I’d rather be a delivery driver than be unemployed. I think there is a correction in sectors that had been inflated by cheap money. The rest of the economy is doing pretty well.

Post by marcosdumay » Fri, Jan 12, 2024, 8:01 PM UTC

panphora wrote: post #159

rgbrenner wrote: post #85

Earlier quoted context omitted.

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.

> Once the rate cuts occur, the bull market will return Rate cuts often signal an impending recession, not a bull market, as historical data shows. The Federal Funds Effective Rate chart illustrates how recessions (marked in gray) align with periods of rate reductions. https://fred.stlouisfed.org/series/FEDFUNDS

Post by JackFr » Fri, Jan 12, 2024, 8:04 PM UTC

mupuff1234 wrote: post #36

And as always I assume most of the senior leadership will go unscathed, and might even collect a bigger bonus due to "successfully reducing the cost structure".

Post by JackFr » Fri, Jan 12, 2024, 8:15 PM UTC

asciimov wrote: post #137

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…

New year and quarter for businesses, gotta show you made more money by spending less on salaries. They can fire now and still be covered by "the market made us do it". Fire now, and rehire for less in the next quarter or two. The US needs better protection for workers. If a corp has to fire 20k, that is a leadership problem and they should go too.

Post by bugglebeetle » Fri, Jan 12, 2024, 8:40 PM UTC

nradov wrote: post #196

bugglebeetle wrote: post #125

Earlier quoted context omitted.

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

That's right, there are many job opportunities in Cleveland. The current unemployment rate there is only 3.7%. Anyone who actually wants to work can find a job.