Citi to cut 50,000 Jobs

[Anonymous]

Early estimates were leading up to 1/2 were losing their jobs, this turns out to be 1 in 7.

http://www.reuters.com/article/businessNews/idUSTRE4AG35320081117?feedType=RSS&feedName=businessNews

[MattH]

---

@Anonymous wrote:

Early estimates were leading up to 1/2 were losing their jobs, this turns out to be 1 in 7.

http://www.reuters.com/article/businessNews/idUSTRE4AG35320081117?feedType=RSS&feedName=businessNews

---

They just laid off over 20 thousand recently, so having another round of layoffs so quickly is gonna destroy whatever morale their employees still have left.  Anybody who feels even moderate confidence in his or her employability must be frantically sending out resumes by now, so the people they most want to keep are gonna depart in droves.  Guess what's gonna happen to their productivity and customer service?

[Anonymous]

Matt I agree a lot of people are going to be putting out their resumes, but who is hiring? I bet while most people put out feelers they will really hunker down. Job sites are inundated with resumes but have much fewer jobs than last year. I heard Citi employed 375k about a year ago, these layoffs will bring them down to 300k, so they have laid off a lot but not near 50 percent.

[MattH]

---

@Anonymous wrote:
Matt I agree a lot of people are going to be putting out their resumes, but who is hiring? I bet while most people put out feelers they will really hunker down. Job sites are inundated with resumes but have much fewer jobs than last year. I heard Citi employed 375k about a year ago, these layoffs will bring them down to 300k, so they have laid off a lot but not near 50 percent.

---

Yep, layoffs are everywhere, my own employers have said they will be laying off about 5% in the near future and right now we're waiting to learn who gets hit, makes for a tense atmosphere as you can well imagine.