Citigroup Layoffs?

[Citi Loves You]

Think about if you work 35+ years for Citi, and they lay you off about 6 months before your retirement, and you loose everything - happened to 3 people I know. No Mercy even you gave your life to Citi. They also laid off about 90 people just day before Christmas last year in my office - that's was a nice present to those folks.
I closed a Citi data center few years back myself, and hundreds were laid off. When it comes to profit, you are just a number in the books, no matter how your entire life is screwed up afterwards.....they don't give a sh@t
Citi Loves You

[no longer a citibanker]

GET OUT!!!!!! THERE IS LIFE AFTER CITI!! I was laid off in June and thought it was the end of my life however it ended up being one of the best days of my life!!!!!!!! Now if I could only sell my stock.

[Igirl]

Today I heard a piece on CNN that stated that Citigroup sent a letter to all employees today explaining what has happened (...with Chuckie and??). The coverage indicated that what was said was not quite the truth (surprise! surprise!). Can anyone out there post that letter to this blog?

[citiboy]

Dear Citi Colleagues:

Today we are announcing my retirement from Citi.

I say this with sadness. Our strategy for building for the future is
working -- for emphasizing our international businesses, our
Institutional Clients Group and our Wealth Management business, and for
restarting revenue growth in our U.S. Consumer business. Our strategy to
operate as a real company -- not a collection of acquired businesses --
with a focus on our infrastructure, our clients, and a strong unified
brand and employee culture -- is the right one. It is working well and
is fully supported by our Board.

But, as you have seen publicly reported, the rating agencies have
recently downgraded significantly certain CDOs and the mortgage
securities contained in CDOs. As a result of these downgrades,
valuations for these instruments have dropped sharply. This will have a
significant impact on our fourth quarter financial results.

I am responsible for the conduct of our businesses. It is my judgment
that the size of these charges makes stepping down the only honorable
course for me to take as Chief Executive Officer. This is what I advised
the Board.

It has been a privilege for me to build my career with our Company for
nearly 29 years and an honor for me to have led Citi for the last four
years. I am proud of what we have accomplished.

Citi is a great company with wonderful people. You have a strong and
bright future. While I will no longer be privileged to share that future
with you, I am confident you will achieve success after success.

With profound gratitude for all the good times we've had together, I
wish you the very best.

Chuck

[que sera sera]

> Prince will be leaving with about $100 million, based on calculations by compensation consultant James F. Reda using public filings. That figure includes Prince's 1.6 million shares at Friday's closing price of $37.73, a $1.7 million pension, a stock award worth $8.5 million, and nearly $29 million in unvested stock awards.
> Citigroup's stock has fallen so sharply that most of his 1.1 million stock options aren't worth anything now. Reda said the options that aren't under water are worth $1.8 million. The Black-Scholes value of all Prince's options is $4.6 million, so he could end up seeing that at a later date.
> Merrill Lynch & Co.'s outgoing chief executive Stan O'Neal left with $161.5 million, after the investment bank posted a third-quarter loss.
> "That's kind of the funny thing about it. If someone comes in and cleans the mess up, there might be a nice stock bounce. And it'll make Prince and O'Neal lots of money," Reda said.
> Citigroup has not yet filed with the Securities and Exchange Commission on Prince's official payout.
>
>

[Igirl]

que sera sera wrote:

> Prince will be leaving with about $100 million, based on calculations by compensation consultant James F. Reda using public filings. That figure includes Prince's 1.6 million shares at Friday's closing price of $37.73, a $1.7 million pension, a stock award worth $8.5 million, and nearly $29 million in unvested stock awards.
> Citigroup's stock has fallen so sharply that most of his 1.1 million stock options aren't worth anything now. Reda said the options that aren't under water are worth $1.8 million. The Black-Scholes value of all Prince's options is $4.6 million, so he could end up seeing that at a later date.
> Merrill Lynch & Co.'s outgoing chief executive Stan O'Neal left with $161.5 million, after the investment bank posted a third-quarter loss.
> "That's kind of the funny thing about it. If someone comes in and cleans the mess up, there might be a nice stock bounce. And it'll make Prince and O'Neal lots of money," Reda said.
> Citigroup has not yet filed with the Securities and Exchange Commission on Prince's official payout.
>
>

While all this is going on, who is "keeping an eye on" the pension fund?

[yesman14]

Now iI'm hearing that Citi will write off between $14B and $18B 4Q. I am also hearing that there will be massive layoffs in order for Citi to stay afloat. Or they will need to sell off parts of Citi. Anyone hearing any noise out there or are they keeping things hush hush. I was laidoff the first round in April and with gas prices skyrocketing, things are only going to get worse. Keep us posted please.

[Worried and amused]

A long time collegue received notice on Wednesday that she will be layed off on 12/3.

In other news, Sandy snubbed Chuck in a NYC eatery.

[Citifinancial worries]

There are a lot of employees at Citifinancial who
see this new XSell program as an extension of the
credit worries. When the only objective is to get
out standings with no credit quality we are looking at huge losses. We were lied to about this program and now every employee is worried about their job if they don't make the loans the
system says are good even when you know in your
gut they are not. The propaganda we are being feed
you would have to be a moron to believe. Everyone
has to meet the same credits no matter what market
they are in from rural to urban. I only see higher
losses and terminations for employees who cant possibly meet the new guidelines. The new people
who will be hired do not have the knowledge that is
required to stay in compliance and audits will suffer. Anyone who sees this as a good thing isn't
thinking or are in a market where they can meet the numbers and are thinking of themselves only which does not promote the team effort which we are told is the way to go. I feel we are being run with the
Associates mentality. This did not work for them and
it will not work for us.

[GNCC-UK]

Many PPL in London are being layed off in the Citigroup's TI department. The jobs are being offshored to Singapore as they have found this place as low cost centred.. Singapore as a low cost centre isn't that something doddgy.

[Citigroup Good News]

I USED WORK FOR THOSE IDIOT AND THEY KICK ME OUT WITHOUT ANY PAY!
THEY PAY PRINCE ALMOST A MILLION AFTER HE LEFT ALL THE SHIT.
I WILL NOT SUPPRISE IF THEY FILE A BANKRUPCY, THEY DESIRVE IT.

[Citigroup Good News]

CEHCK OUT AT WEBSITE. THIS IS A LAW SUIT AGAINST CITI FOR THOSE LOSE THEIR CITI STOCK.

[Igirl]

Worried and amused wrote:

A long time collegue received notice on Wednesday that she will be layed off on 12/3. In other news, Sandy snubbed Chuck in a NYC eatery.

I am surprised that someone is getting laid off in December. What area is the layoff in? My guess was that the layoffs won’t happen until Citi can “officially” change its jd layoff package. At the end of 2006 it was changed very generously. So someone who, for example, had 29 years with Citi would have gotten a year’s salary before 2007 in the old jd package. With the new, improved 2007 package they would get the year plus an additional 6 months of salary. Of course, many will get medical if they are grandfathered into the pension. The shareholders should only know how much has been spent in jd packages in 2007! Are there any 2008 jd announcements yet?

[CitiCard Layoffs]

Has anyone heard anything concerning CitiCard layoffs in December? I've heard rumors.....

[Soon to be unemployed]

CitiCard Layoffs wrote:

Has anyone heard anything concerning CitiCard layoffs in December? I've heard rumors.....

Such as..........

[We All Knew it was Coming]

Citigroup planning major job cuts: report
Mon Nov 26, 2007 10:45am EST

NEW YORK (Reuters)- Citigroup, the No. 1 U.S. bank by assets, is planning major job cuts over the coming months, CNBC television reported on Monday.
CNBC said that no exact number had yet been set, though some jobs were already being eliminated. It estimated that the cuts could total anywhere between 17,000 and 45,000.
Mike Hanretta, a spokesman for Citi, declined to comment.
Any layoffs would come as Citi wrestles with asset writedowns and looks for a new chief executive officer. Former CEO Charles Prince resigned on November 4, the same day Citi said it may write off this quarter $11 billion of assets linked to subprime mortgages.
Citi said in April that it would eliminate 17,000 jobs as part of a broad restructuring designed to cut costs, which at the time was about 5 percent of its work force.

[fired me 2]

We All Knew it was Coming wrote:

Citigroup planning major job cuts: report
Mon Nov 26, 2007 10:45am EST
NEW YORK (Reuters)- Citigroup, the No. 1 U.S. bank by assets, is planning major job cuts over the coming months, CNBC television reported on Monday.
CNBC said that no exact number had yet been set, though some jobs were already being eliminated. It estimated that the cuts could total anywhere between 17,000 and 45,000.
Mike Hanretta, a spokesman for Citi, declined to comment.
Any layoffs would come as Citi wrestles with asset writedowns and looks for a new chief executive officer. Former CEO Charles Prince resigned on November 4, the same day Citi said it may write off this quarter $11 billion of assets linked to subprime mortgages.
Citi said in April that it would eliminate 17,000 jobs as part of a broad restructuring designed to cut costs, which at the time was about 5 percent of its work force.

It's coming later than I expected. I was laid off in the first round of cuts in April and had heard another round was going to be in August. It was the best thing that happened to me though! To those who aren't worried, you should be. I didn't expect them to cut me and they sent me out the door.

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[Igirl]

What is the Citigroup e-mail name and address for Robert Rubin? Thank you.

[Ex-Citibank employee_NY]

To Igirl....all addressees at Citigroup are in the following format:

[[e-mail]