Monday, Nov 17, 2008
Yes you read that right. SEVENTY-FIVE-THOUSAND JOBS!
BBC News: Citigroup set to cut 75,000 jobs
On top of 22,000 already announced. Here we go....
Posted by doom&gloom @ 02:55 PM (1212 views) Add Comment
16 Comments
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1. doom&gloom said...
"Certainly [the job cuts] will fall particularly heavily on London and New York," Citigroup chairman Win Bischoff said at a business forum in Dubai.
I think this could single-handedly wipe a significant % off prime london property. Could easily see 10,000 ex-Citi having to sell up or even leaving the London housing market altogether this time next year.
2. montesquieu said...
Wasn't it Citigroup that bought Egg, then dumped long-time card-holders like me who had the cheek to pay off their balances in full too often?
3. Nevanson said...
Dunno, i've had an egg card for years, pay it off every time I use it within a few days. They've not kicked me out yet.
4. Crutchley said...
#2 montesquieu - "Wasn't it Citigroup that bought Egg, then dumped long-time card-holders like me who had the cheek to pay off their balances in full too often?"
They did that to me too, which is doubly insulting as I work for them
5. Joe Le Taxi said...
"BBC News: Citigroup set to cut 75,000 jobs
On top of 22,000 already announced. Here we go...."
That's wrong. The annoucement is for 50000 jobs. The BBC cannot report things correctly obviously!
50000 is bad enough as it is.
6. Tara747 said...
Anyone heard about their Belfast operation?
7. Eternal Sceptic said...
Maybe when the banking industry gets shot of the dross they will return to the conservative lending policies of the past, and dampen any future bubbles.
8. maddison said...
Err I think you will find that it is the lower paid in the bank who will bear the brunt of the redundancies. Higher earners will get much fewer bonuses and will only be able to get one ferrari instead of 2
9. 51ck-6-51x said...
Yes D&G, and remember a large minority of these people have no reason to stay in the UK (not being British citizens and without a new sponsor).
10. 51ck-6-51x said...
- also the further Sterling falls against the Dollar the more likely it is for U.S. employees to want to go back to the U.S. too (as £ goes down their pay effectively does if they are saving in the U.S. with plans to go back at some point)
11. little professor said...
A bit naughty headline - it's 52,000 job cuts on top of the 23,000 already announced, not 75,000 on top of the 23,000
12. Cstanhope707 said...
My goodness that must be almost as many jobs in my Local Regional Assembly
13. doom&gloom said...
Yes realised I'd been slightly misleading, but wasn't going to comment on it unless anyone noticed ;-)
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