Citigroup Plans to Cut 20k Jobs • Hacker News Board

Re: Citigroup Plans to Cut 20k Jobs

#201

Post by nradov » Fri, Jan 12, 2024, 8:56 PM UTC

bugglebeetle wrote: post #199

nradov wrote: post #196

Earlier quoted context omitted.

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.

The current unemployment rate in San Francisco is 3.5%, so this is not the clever demonstration of your point you believe it to be.

You really missed the point. Some commenters have falsely claimed that there are no jobs available in lower cost of living areas, which we can see is obviously wrong based on the unemployment rate. The fact that San Francisco has a slightly lower unemployment rate doesn't invalidate that point. Compared to SF, Cleveland has much better housing affordability as measured by absolute price, median price to income ratio, home ownership rate, or any other reasonable metric. And there's nothing special about Cleveland; many other cities have similar or better affordability.

Re: Citigroup Plans to Cut 20k Jobs

#202

Post by konschubert » Fri, Jan 12, 2024, 9:16 PM UTC

rednerrus wrote: post #175

konschubert wrote: post #115

Earlier quoted context omitted.

Because they overhired during the cheep money spree?

Because they seem to think that saving money offers more value to shareholders than creating additional value. I'm not sure they know how to offer new value.

The ideal size of any company is not infinite, especially in a tight labour market.

Re: Citigroup Plans to Cut 20k Jobs

#203

Post by bugglebeetle » Fri, Jan 12, 2024, 9:28 PM UTC

nradov wrote: post #201

bugglebeetle wrote: post #199

Earlier quoted context omitted.

The current unemployment rate in San Francisco is 3.5%, so this is not the clever demonstration of your point you believe it to be.

You really missed the point. Some commenters have falsely claimed that there are no jobs available in lower cost of living areas, which we can see is obviously wrong based on the unemployment rate. The fact that San Francisco has a slightly lower unemployment rate doesn't invalidate that point. Compared to SF, Cleveland has much better housing affordability as measured by absolute price, median price to income ratio,…

I didn’t miss any point because you’re the one who is creating false equivalencies between all US cities on the basis of unemployment rates.

That there are jobs doesn’t mean that there are jobs that align with everyone’s work experiences, familial ties, or various other obligations. If I get laid off in the bay as an ML engineer and have an elderly parent who lives there that I need to take care of, that there are jobs at Sherman Williams in Cleveland isn’t very useful to me. Similarly, if I’m mid-career and pursue work in LCOL area that cuts my pay in half relative to a larger city, that could derail my lifetime earnings and ability to retire.

Reality is more complicated than the simplistic narratives people use to victim blame or reinforce their just-world fantasies.

Re: Citigroup Plans to Cut 20k Jobs

#204

Post by nradov » Fri, Jan 12, 2024, 10:05 PM UTC

UberFly wrote: post #141

nradov wrote: post #103

Earlier quoted context omitted.

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.

Can't tell if you're trying to be sarcastic.

100% serious

Re: Citigroup Plans to Cut 20k Jobs

#205

Post by selimthegrim » Fri, Jan 12, 2024, 10:06 PM UTC

bugglebeetle wrote: post #188

pixl97 wrote: post #171

Earlier quoted context omitted.

[Cleveland, at least we're not Detroit!]

Detroit has better food, music, and people, but is also half-abandoned and fairly dangerous.

He/she/they/it is referencing a certain "hastily made tourism video" on YouTube

Re: Citigroup Plans to Cut 20k Jobs

#206

Post by 1vuio0pswjnm7 » Fri, Jan 12, 2024, 10:10 PM UTC

"Citigroup CEO Jane Fraser announced a sweeping overhaul of the third-largest U.S. bank by assets in September. The company has been left behind by peers since the 2008 financial crisis as Fraser's predecessors couldn't get a handle on expenses and is the lowest valued among the six biggest U.S. banks.

In November, CNBC reported that managers and consultants involved in the effort - known internally by the code name "Project Bora Bora" - discussed job cuts of 10% in several major businesses.

The company has since executed several waves of layoffs, beginning with the top layers of the bank, with another round of cuts set for Jan. 22, according to a person familiar with the matter. A Citigroup spokeswoman declined to comment."

Re: Citigroup Plans to Cut 20k Jobs

#207

Post by saos » Fri, Jan 12, 2024, 10:31 PM UTC

insanity

Re: Citigroup Plans to Cut 20k Jobs

#208

Post by datavirtue » Fri, Jan 12, 2024, 11:05 PM UTC

Cruncharoo wrote: post #149

Whatarethese wrote: post #87

I assume Citigroup is planning for the output of their workforce to decrease with all these layoff and not assume the other employees to pick up the slack. Right?

In a number of cases, yes. Whole departments are being slashed/they are exiting certain business lines so no need to pick up the slack there.

It takes banks years to exit a business after they stop brining in new customers.

Re: Citigroup Plans to Cut 20k Jobs

#209

Post by dmoy » Sat, Jan 13, 2024, 3:20 AM UTC

hotpotamus wrote: post #84

dmoy wrote: post #76

Earlier 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.

Right as others have mentioned, it's not $100k in savings, it's $100k total across their stuff.

But even if it was $100k savings, you can get ~5% APY at BoA high yield savings through Merrill anyways. I don't recommend that since Fidelity works better for that type of account, but you could do it.

Re: Citigroup Plans to Cut 20k Jobs

#210

Post by punkbit » Sat, Jan 13, 2024, 7:23 AM UTC

nly wrote: post #200

punkbit wrote: post #113

Earlier quoted context omitted.

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.

Fabulous

There’s a chance to move outside London but finding work is harder, on top of that rent is quite high in any commute areas.

I don’t see how this whole housing situation is sustainable. A 1 bedroom house in Peckham, Hackney, ex council going for 400k at 10pc deposit and current rates that’s almost 2k monthly payments for 25 years for a leasehold. Insane!