Citigroup Layoffs?
Bob Rubin

Commack, NY

#6691 Jan 29, 2010
Sorry for your misfortune. My fate with Citi is very similiar to yours. I'm sorry to say that there is not much you can do, we have all found out the hard way that Citi is the lowest of the low and will screw their devoted employees any way they can and for as long as they can. One thing you can do is to close all of your Citi accounts and just don't deal with them. In the meantime, if you get a call from Citi/India regarding your accounts, tell the person point blank that they have a job simply because you lost your job to them and that you don't want to hear their sales pitch!
former employee wrote:
i was laid off 2 years ago after 18 years of dedicated servcie due to outsourcing and have been unable to find a job since. for every 1 interview i get there are 400 people going for the 1 job. i have had to go back to school to change careers at almost 50 years old!!!! then the kicker, is citi from india has the gall to call me, pronounce my name wrong, can't understand them and want me to pay my bill with them. with what????? there are no jobs and there are fewer and fewer everyday due to outsourcing. run hard and run fast from corporate America.
Allure Nobell

Oakland, CA

#6692 Jan 29, 2010
I was laid off from a subsidiary of Citi Mortgage in 2008, after five years working with the best team of people I have ever worked with anywhere, and have not worked since. I'm in California, so things are really bad. I am middle-aged, and despairing of ever getting another job in Tech. This week I finally moved all of my 401K/pension stuff over to an IRA, and cashed in what was left of my stock. It's embarrassing to mention how much it is worth. I can't believe I wasted so much of my own money on their stock purchase program that they encourage you to participate in.
Former Employee-NY

Mclean, VA

#6693 Jan 29, 2010
I am sorry to hear that you are still out of work. A lot of people have been hurt by the moves made by Citi. I did invest in the 401K plan and in generally low interest funds, however, the company matched their portion in Citi stock, which was selling for over $40 at the time. So the drop from $40 down to $3 is quite significant in this portion of my 401K plan. It is rough for those who on their own selected Citi stock. A number of folks say that the stock will go up again, but I would not be so sure, given that it has been below $3 for a full year now. I cannot see how it could even reach $20 in two or three years time, given the compass that the company is following now. The bank no longer has the international presense that it used to have.

Since: Aug 09

Metropolis, Illinois

#6694 Feb 2, 2010
Former Employee-NY wrote:
To the last two posts, I am very sorry about the circumstances that impacted you. As I have pointed out before, Citibank is the most un-American company that there is with this obsessive outsourcing to India. The President addressed Congress last night and mentioned that companies who outsource jobs out of the US should not be getting any tax breaks. I think Citibank will be in the cross hairs of the President and Congress, given that they received help from the taxpayers and are outsourcing work out of the country. I think that consummers should make note of this and not bank with Citibank. Remember, Citibank and others used bank deposits to finance their exploits into the real estate and mortgage market. They should not be rewarded for this in any way, either by consummer using their products, nor with any further help from the US government. They better pay back the loan soon or dire consequences will occur with action by Congress. I will keep on saying this.....
Citi paid back their tarp before the pres even thought about imposing fees on the money loaned
Former Employee_NY

Fairfield, CT

#6695 Feb 2, 2010
Sorry, that is not technially correct. There is a bit of smoke and mirrors...see below from a recent article where Citi still is on the hook for $25 billion:

The dollar value of the “remaining equity stake” is $25 billion. There is no certainty that this amount can be paid back in the “6-12” months indicated in the prospectus.

Citi is not out of TARP. Those headlines were wrong. They will be out of TARP when they have repaid all of what is owed. If Citi receives the benefits of ‘being out of TARP’ before it is actually out of TARP the process will have been subverted.
Ex-Citi Unemployed

Las Vegas, NV

#6696 Feb 3, 2010
Former Employee_NY wrote:
Sorry, that is not technially correct. There is a bit of smoke and mirrors...see below from a recent article where Citi still is on the hook for $25 billion:
The dollar value of the “remaining equity stake” is $25 billion. There is no certainty that this amount can be paid back in the “6-12” months indicated in the prospectus.
Citi is not out of TARP. Those headlines were wrong. They will be out of TARP when they have repaid all of what is owed. If Citi receives the benefits of ‘being out of TARP’ before it is actually out of TARP the process will have been subverted.
Citi should just close up all of it's operations and move them to Bangalore...the capital of Karnataka, India! Get out of the country, write off the debt owed to the U.S...they do not practice their business in the "American" way anyway, unless the "American" way is to make profit at all cost, including the elimination of the American worker! God help us all!!
Marty Lippert

Brooklyn, NY

#6697 Feb 5, 2010
Right on,

It continues 300 people let go in NY "business" personal wealth management.

100 offshore added for project management of outsourcing clearing and trading for PWM
50 Added offshore for a new PWM website

This is the payback for the US tax payer

No one talks about in government. All the NY politicians know. The Fed knows.
Even the MTA knows since the payroll tax doesn't fund the trains anymore since there are no workers on the payroll.

The pres is all talk on this no action.
really

United States

#6698 Feb 5, 2010
Crap I work here in America. Get a job that puts you in front of the client and guess what you are now a valuable employee not a voice on the phone.
Former Employee_NY

Fairfield, CT

#6699 Feb 6, 2010
Recently, I had a memory card issue with my Kodak digital camera. I found the Kodak website and there was a connection to chat with the helpdesk on-line. I have no idea where the helper was calling from but it was a very long name that I could not pronounce. I think that the ball started rolling with NAFTA but the big businesses took it much further, taking jobs out of the country. It is the shame of the USA. We need to bring the pride back into the USA and not support companies like Citigroup. In the long run, I do not think that Citigroup will be able to save itself, even with this large effort to outsource, because the core of the company is run by incompetent people, who still do not get the message about serving the customer.
I work from home

Commack, NY

#6700 Feb 8, 2010
Not true, Citi still owes TARP money. All of the big banks paid back 100% with the exception of Citi. Maybe India will pay it for Citi.
Rednekwizard wrote:
<quoted text>
Citi paid back their tarp before the pres even thought about imposing fees on the money loaned
Marty Lippert

Brooklyn, NY

#6701 Feb 11, 2010
Down and out

New York, NY

#6702 Feb 18, 2010
I was laid off when my age and years of service add up to 59 years and 1 month. 11 months short of Rule of 60 to qualify for the retiree medical plan. The CORBA cost around $1600 a month which my unemployment benefits barely enough to cover. The separation package has a list of employees selected and not selected (for laid off) with their ages, I bet if the report shows the years of service as well it will tell another story. I am mad.
in the Know

Warren, NJ

#6703 Feb 18, 2010
I hate to tell you but the retiree medical insurance is more expensive than cobra. Mine costs over $1800 monthly with medical, perscripcions & eye care, I'm 56 yrs old
Citi Corporate Treasury

New Brunswick, NJ

#6704 Feb 20, 2010
Why are Loretta Moseman, Michael Vadeshi and Dan Goroff still working in Citigroup Corporate Treasury? after so much loss for the company. They should leave.
bob

Ogden, UT

#6705 Feb 20, 2010
I saw this on the montley fool blog site... anyone confirm ?

Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change," Citigroup said on statements received by customers all over the country."

Now why would they want a clause like this? Perhaps they are preparing for a run against them or a bank holiday.
Sunnyside

Brooklyn, NY

#6706 Feb 21, 2010
Has anyone here used the Career Mobility web site with success to find a job in another part of Citi?
Ex employee

United States

#6707 Feb 23, 2010
in the Know wrote:
I hate to tell you but the retiree medical insurance is more expensive than cobra. Mine costs over $1800 monthly with medical, perscripcions & eye care, I'm 56 yrs old
I was paying $1600 for med. perscrip. & dental. I was grandfathered years ago with the rule of 60. I would not back down and once I turned 55 citi stated paying part of my ins. But I did have to fight for it
in the Know

New York, NY

#6708 Feb 23, 2010
Ex employee wrote:
<quoted text>
I was paying $1600 for med. perscrip. & dental. I was grandfathered years ago with the rule of 60. I would not back down and once I turned 55 citi stated paying part of my ins. But I did have to fight for it
I just retired this month / How much are you paying now?
Pennyless in Long Island

Commack, NY

#6709 Feb 24, 2010
in the Know wrote:
<quoted text>
I just retired this month / How much are you paying now?
I'm on the Citi retiree (grandfathered) medical and I currently pay a tad over $1000/mo in premiums. That is for medical only. No dental or vision included. In addition to the premium, the deductibles and out of pocket max are huge as of this year and the premium incresed 32%.
Curious in NY

New York, NY

#6710 Feb 24, 2010
Pennyless in Long Island wrote:
<quoted text>
I'm on the Citi retiree (grandfathered) medical and I currently pay a tad over $1000/mo in premiums. That is for medical only. No dental or vision included. In addition to the premium, the deductibles and out of pocket max are huge as of this year and the premium incresed 32%.
Are you paying $1000/mo for single or family coverage?

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