Citigroup Layoffs?
Pete

New York, NY

#6832 Apr 25, 2011
citi pride wrote:
Today my manager said that at first it was thought that the 15,000 could be met through normal attrition and we simply wouldn't rehire when people left the bank. However that is impractical when certain buisnesses will cease to function if we went that route. Unfortunately I'm afraid that no Citi function will be safe until after the announcement. We DO get 2 weeks pay for every year of employment, though.. Huzzah! Better turn in touition reimbursement while you can!
Which sucks for those of us who have been here 18 months.
Curious in TX

Warren, NJ

#6833 Apr 26, 2011
Hello from TX! Does anyone know anything about the Dallas Imaging site possibly closing?
Misrak

New York, NY

#6834 Apr 27, 2011
not yet we have meeting around 1 Pm
Pete

New York, NY

#6835 Apr 27, 2011
Due to be laid off in 7 minutes....got a mnadatory meeting e-mail.
Curious in TX

Warren, NJ

#6836 Apr 27, 2011
So Pete, was it the dreadfull lay off meeting? We haven't heard anything here as of yet. I wish they would just get it over with
Lori

Boise, ID

#6837 Apr 27, 2011
Boise site turned chickenshit and called all of us shortly after we left to tell us by phone tonight.
selamina

United States

#6838 Apr 28, 2011
dallas branch we got laid off... with 2 month none work paid and 2 pay check every year you work that's your cervence pakage
Pete

Saint Louis, MO

#6839 Apr 29, 2011
Yep, I was canned....same package as selamina. I helped a team in Dallas do VOEs. I am in O'Fallon, MO....dunno why it sez Brooklyn by my name.
Vicky

Mercersburg, PA

#6840 May 1, 2011
Any news on Hagerstown Md?
Former Employee-NY

Fort Wayne, IN

#6841 May 2, 2011
I am sorry for those who are facing the prospect of layoffs. Unfortunately, I think that the glory days of Citibank are long gone. Banks like Well Fargo have stock that are valued in the double-digit range, yet Citibank is still under $5, well over three years since the collapse of their stock from the $40 range. You know that things are bad when they sell off the profitable German marke and keep the Greek market. The last big acquisition of FAB in Texas has not lead to any kind of momentum for the bank to expand into other areas in the south at all.

Citibank is just a very small bank these days.
Citi LOL

Commack, NY

#6842 May 9, 2011
Now that Citi reverse split it's stock, watch it go from the mid-forties back down to $1. With the quality of people that are left at Citi, it's no wonder. That means you Benowitch.
Former Employee-NY

Fort Wayne, IN

#6843 May 19, 2011
May 10
Citigroup, the heaviest-traded U.S. stock that accounted for 6.8% of total U.S. stock trading volume last year, drastically shrunk its share count. The move instantly erased its single-digit stock price, which has been a persistent reminder of the trauma the bank suffered during the financial crisis.
Through a reverse split, Citigroup was able to ax a huge number of shares outstanding by turning every 10 shares into a single share. Instead of trading for less than $5 a share, where Citigroup has languished despite improvements in profits and capital, the New York financial behemoth instantly became a $40 stock. Shares of the bank fell $1.04, or 2.3%, to $44.16.
Vikram Pandit, CEO of Citigroup, took pains to point out to investors the plan for the reverse split at the bank's annual meeting on April 21.
Citigroup isn't the only financial institution whipsawed by the financial crisis to try a reverse split. In July 2009, American International Group Inc. executed a 20-for-1 reverse stock split. Initially, the stock rose. A year after the reverse split, it was up roughly 87%. Year-to-date, however, the stock is down roughly 39%, making it one of the worst performers in the S&P 500-stock index in 2011.
Broader studies also show a mixed record for reverse splits. James Rosenfeld, an associate professor of finance at Emory University's business school in Atlanta, said he and April Klein of New York University's business school had tracked the performance of 1,600 companies that did reverse stock splits over a three- year period. They underperformed the returns of comparable companies by 50 percentage points.
Investors didn't gain a thing despite Monday's apparent share-price jump, a concept Citigroup Chief Executive Vikram Pandit took pains to point out to investors at the bank's annual meeting on April 21.
"It's like a pizza pie: Whether you have 10 slices or 12 slices, your ownership doesn't change," said Mr. Pandit. Citigroup declined to comment on Monday's stock-price move.
Citigroup became a $40 stock for the first time since late 2007, as its share price appeared to rise more than 850% from Friday's close.
Former Employee-NY

Fort Wayne, IN

#6844 May 19, 2011
If you were to ask me, I think that the reverse split idea was a psychological ploy. Citigroup had no real means of getting back to the $40 range, after three years of trying, so they are playing a funny numbers game to try to fool people. If this stock goes down, then you really are splitting pennies!
US People to ruin

Las Vegas, NV

#6845 Jun 23, 2011
Former Employee-NY wrote:
If you were to ask me, I think that the reverse split idea was a psychological ploy. Citigroup had no real means of getting back to the $40 range, after three years of trying, so they are playing a funny numbers game to try to fool people. If this stock goes down, then you really are splitting pennies!
Citi should be getting ready for another reverse split!! Hooray for outsourcing!!! This really shows you how great it is to use foreign workers to run (or should I say ruin) a once great company!!!
Marty Lipper

Piscataway, NJ

#6846 Jun 23, 2011
US People to ruin wrote:
<quoted text>
Citi should be getting ready for another reverse split!! Hooray for outsourcing!!! This really shows you how great it is to use foreign workers to run (or should I say ruin) a once great company!!!
Could not agree more!
And then what's left are paranoid jerks out to protect themselves
sawgrass

Mumbai, India

#6847 Jun 28, 2011
i am working on this project as hhhhhh...

we are really gone mad .

but learnt a lot

its sucks
US People to ruin

Las Vegas, NV

#6848 Jun 30, 2011
sawgrass wrote:
i am working on this project as hhhhhh...
we are really gone mad .
but learnt a lot
its sucks
Just be happy you have a job that Americans used to have!!
Citi Watcher

Las Vegas, NV

#6849 Jul 27, 2011
Let's see if CITI can get back to $1.00/share again??? Maybe they can outsource more employees to get their DAMN bottom Line up again, since that is their management style!!!!
Plenty of Cash

Commack, NY

#6850 Aug 16, 2011
Marty Lipper wrote:
<quoted text>
Could not agree more!
And then what's left are paranoid jerks out to protect themselves
When you refer to "paranoid jerks", I'm assuming you mean the ugly useless hag Benowitz. The poster child for the Peter Principle!
Former Employee - NY

Patchogue, NY

#6851 Sep 6, 2011
No wonder, there is no money in Citi....here is a guy who embezzled $22million:

http://www.nypost.com/p/news/local/ex_citigro...

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