Another day in the Obama economy, another announcement of massive layoffs. Today’s news comes from Citigroup, where 11,000 employees are getting pink slips.
On Wall Street and around the world big banks are firing workers. Now, Citigroup is joining the club with its plan to cut 11,000.
The big job cut is the first big move by Michael Corbatt, Citigroup’s new chief executive who surprisingly took over the top job from Vikram Pandit in October, in a coup engineered by Citigroup’s chairman Michael O’Neill.
Sweeping employee reductions have been the trend at big banks for two years—HSBC has cut 30,000, Bank of America axed 30,000, UBS recently announce another 10,000 cuts. The Citigroup firings indicate that Corbatt has a view that his bank’s costs are too high and out of line. (Read More)
The announcement didn’t hurt Citi’s stock, but that’s got to be small consolation to the tellers and other workers losing their jobs. In this Obama economy it’s going to be really hard for them to find new jobs.
Video via The Other McCain and Nice Deb
@lonelycon The sad part of all of his intentional destruction to America is,this is what Obama wants& is y he has no guilt,shame, or remorse
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Like banks need workers anymore with technology. It’s like the post office with people paying their bills on-line.
We’re pumping our own gas (except in NJ), and we’re moving our own money to our slave-masters who own our debt by filling in forms on web-pages or just having automatic payment plans.
America doesn’t even make anything anymore because Congress has long sold all our manufacturing jobs overseas. Just look at Texas Instruments taking advantage of the Philippines special economic zone at the former American Air Base at Clark.
Texas Instruments senior vice president Kevin Ritchie revealed that his company bypassed other competitive Asian countries such as Thailand, Vietnam and China to build their new $1 billion manufacturing plant. This choice was in part due to the availability of a highly skilled and quality labor force and the willingness of the Philippines government to offer favorable tax and tariff incentives.
The executive director of the Semiconductor and Electronics Industries in the Philippines, Mr. Ernie Santiago, pointed-out that the choice of the Clark Freeport Zone proved that the overseas operations of American companies such as Texas Instruments need not automatically be relocated to the default choice of China. Santiago said the Philippines have the skilled workers and the capacity to offer the right incentives to draw in companies of this type. “What the Philippines now needs is to work on is its ability to promote the advantages of operating in the Philippines to foreign investors,” stated Santiago.
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Canadian Pacific Railway Announces 4500 layoffs over the next three years.
http://buswk.co/TGltex
Don’t let the name fool you- Canadian Pacific has substantial holdings in upstate New York and the Midwest through their US subsidiaries- the Delaware & Hudson and Soo Line
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Well, I do feel sorry for Citi’s employees who voted Republican. They tried to do the right thing. For those who voted for Obama, though. Well, this is what they voted for, so they deserve unemployment. And they should be laughed at.
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We can laugh, but we’ll be paying for their unemployment, and food stamps, and all of the other welfare they’ll sign up for.
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…and that’s 11,000 more people competing for the few jobs open. I searched a major online site for an admin assistant position in the STATE of Michigan–not even just the U.P. where I want to be, but the entire state–109 jobs. And 84,000 resumes. Kiss meaningful employment goodbye–in the U.P. all they need is pizza delivery drivers or brain surgeons–not much in between and not many of either of THOSE positions, either. People have no idea how bad this is going to get….
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Well, they’re going to find out!
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@Frank Koza…there’s job security for pump jockeys in Oregon…the only other state that prohibits self-serve gasoline sales…NJ isn’t alone!
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