Monday, November 17, 2008

Yes you read that right. SEVENTY-FIVE-THOUSAND JOBS!

Citigroup set to cut 75,000 jobs

On top of 22,000 already announced. Here we go....

Posted by doom&gloom @ 02:55 PM (1543 views)
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13 thoughts on “Yes you read that right. SEVENTY-FIVE-THOUSAND JOBS!

  • “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.

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  • 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?

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  • 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.

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  • #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

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  • “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.

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  • Anyone heard about their Belfast operation?

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  • Eternal Sceptic says:

    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.

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  • 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

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  • 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).

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  • – 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)

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  • little professor says:

    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

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  • My goodness that must be almost as many jobs in my Local Regional Assembly

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  • Yes realised I’d been slightly misleading, but wasn’t going to comment on it unless anyone noticed 😉

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