Report: Citigroup May Cut 15,000 Jobs

Report: Citigroup May Cut 15,000 Jobs

There are 22 comments on the Newsday story from Mar 26, 2007, titled Report: Citigroup May Cut 15,000 Jobs. In it, Newsday reports that:

Citigroup Inc. expects to have completed its corporate cost review by mid-April, company officials said Monday, as published reports suggested the nation's largest bank was considering cutting about 15,000 ...

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Kim

Brooklyn, NY

#1 Mar 26, 2007
Doesn't anybody care about NY and the U.S. Why can't companies keep jobs here?
Marvin

Rex, GA

#2 Mar 26, 2007
Kim...yes, they do care about people in the US...their shareholders. There are more of them than there are employees.
Thomas P Loy

United States

#3 Mar 26, 2007
Because its cheaper to hire people in India and China. The US is going to revert to what it was pre WWII, where everybody lived and worked on the family farm. People in this country just have to figure that out.

Since: Mar 07

Topsham, ME

#6 Mar 26, 2007
Charles Prince, the chairman and chief executive of Citigroup should outsource their IT Department to a company like Uni-Data & Communications in Flushing, NY. This way those people could keep their jobs on the Uni-Data payroll. Citigroup would retain their company skill sets without reTraining people in different languages and at the same time Citigroup would reduce staff and all the overhead assoicated with the additional staff. Let me mention things like benefits and support staff. Do not forget the goodwill that would come from this type of character building leadership decision.
SHARON B

Hagerstown, MD

#7 Mar 26, 2007
And they wonder why they get such low employee survey results. You're right, it's all about upper management and their personal stock prices. What about the dedicated Citi customers?? The customer service is not what the Citi customer deserves. It's actually so frustrating to say the least.

I say we start protesting and transfer our mortgages, bank accounts, and credit cards from Citi to one of their major competitor (Bank of America or Chase). Maybe the cuts should be the billions of dollars spent each year in bonuses and "extras" given to the top executives. It surely isn't given to the day to day workers there!!!!
SHARON

Hagerstown, MD

#8 Mar 26, 2007
Isn't it funny how they need to make all these cuts now that they've just paid out Billions in bonuses to the top executives!!!
bornandraised

Coudersport, PA

#10 Mar 27, 2007
I am all for keeping jobs in the US instead of overseas, but until ALL banks start bringing the jobs back, no one has the guts to be the trail blazer to reverse the trend.
Ok In Kansas City

AOL

#11 Mar 27, 2007
When the news breaks out that we are expanding business in India and letting more Americans go, I think it will be quite a blow when people start closing their accounts and going with other banks. I am in customer service and get complaint call all the time about someone in India that they cannot understand, and they are getting getting balance transfer checks that they never requested. It is customer impact, but I know it is saving the company money. Well, the customers are the money, and if we lose them, I believe the bank will suffer. I have nothing against people in India, but we must not turn our backs on the richest nation in the world!
Tiffany

United States

#12 Mar 27, 2007
see www.nationalchildamendment.org

send it to everyone u know!!!!!!!!!
working on resume

Evansville, IN

#14 Apr 1, 2007
Heres an idea:
write your congressmen and ask that franchised companies be required to join a registry stating what percentage of their jobs are held in the US vs overseas. Flare your letter with some true patriot flowery crap and how you're trying to boost the US economy by boosting tax revenue from American goods. American jobs=American taxes, right? Then copy and paste the letter to every state gov. you can find an email addy for. This way we can support companies that still hold jobs in the US.
Linda

United States

#15 Apr 2, 2007
Operating cost in NY is much higher in comparision to other branches all over the world. Moreover, work efficiency is another
factor that makes condition unstable for employees. Since Global economy is the driving factor for present business atmosphere, it is bold step to reduce the size of emplyess about 1/2, otherwise, sooner or later we may witness bankcruptcy.
Most of the employees are making money in NY office in six figure without working even half the amount of work that anybody in India and China perform with 1/4 th salary.
So why to wait? Fire or layoff at least 1/4 the of employees at NY branch to make this branch profitable.
David

United States

#16 Apr 2, 2007
In the competitive world, size of employees are main factor that influense the over all business goal and profit. In stead of layoff, may be reduce the salary by 10% of all the employees to even out the over all cost burdens.
Sham

United States

#17 Apr 2, 2007
We have lazy employees in NY branch, sooner we layoff better we are in other branche, otherwise virus of laziness may propgagate and can damage further.
Liza

Lindenhurst, NY

#18 Apr 7, 2007
I must agree with the comments but why sincere employees should suffer? Hefty pay and on the top it good bonous are the main reason to attract professionals in NY branch. Cut it half, we may have better return then...no need to layoff...otherwise they would join other company and make that place unproductive..
PJM

New York, NY

#19 Apr 10, 2007
Count me in. As soon as I get whacked this week, I'm closing ALL of my Citi accounts. The customer service and employee commitment sucks. Chase or B of A... here I come. You couldn't pay me enough to continue doing business with Citi.
Too late

Thornhill, Canada

#20 Apr 11, 2007
It won surprise me when Citi do the cut now since they have too many directors, manager and VP. These level just get big buck and bonus every year. If Citi axe on wrong level than their operation unit will suffer and client will be big disappointment to services.

Since: Feb 07

Hartford, CT

#21 Apr 11, 2007
Sham wrote:
We have lazy employees in NY branch, sooner we layoff better we are in other branche, otherwise virus of laziness may propgagate and can damage further.
Your grammar, punctuation, spelling, and most discreditable of all, fallaceous conclusion are all indicative of sloth, in which case you may be part of the problem you so decry.

Citigroup is cutting these jobs and moving some of them to "less costly regions". The result will be
more cash for the company in the short term, and
even poorer service for the customer, if that is even possible at this point.
citi pride

Evansville, IN

#22 Apr 11, 2007
It really won't surprise me if the Citigroup stock takes a dive. There is quite a bit of chatter going around about not supporting companies who don't support American workers. We'll see.
what a world

New York, NY

#23 May 4, 2007
Thomas P Loy wrote:
Because its cheaper to hire people in India and China. The US is going to revert to what it was pre WWII, where everybody lived and worked on the family farm. People in this country just have to figure that out.
Are you kidding, no one can afford to live on a "family farm". With the government regulating/manipulating the cost of milk prices, mad cow disease, growth hormones, pesticides, etc. it is not worth the hard work, low income, high costs to operate a farm. I know, my folks live in farm country and most are out of business. The others only survive by hiring illegal aliens to due the work.Sound familiar?
what a world

New York, NY

#24 May 4, 2007
bornandraised wrote:
I am all for keeping jobs in the US instead of overseas, but until ALL banks start bringing the jobs back, no one has the guts to be the trail blazer to reverse the trend.
I heard through the grapevine, they were laying off at HSBC in Bufalo. Someone called for a reference to get a job at CITI- ha ha ha. Don't bother.

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