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Old 04-18-2008, 10:55 AM
 
Location: Wilkes-Barre, Pennsylvania USA
2,308 posts, read 2,281,891 times
Reputation: 369

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NEW YORK (CNNMoney.com) -- Citigroup delivered yet another quarter of devastating results Friday, this time losing more than $5 billion due to troubles in its fixed-income business and higher consumer credit costs, adding it would cut an additional 9,000 jobs.
9000 additional employees will loose their jobs, Citi is run by a bunch of greedy a-holes, the Arabs own a big chunk of the corporation and the Wall Street dirt bags are wetting their pants with collective joy! Gotta love it!

Citigroup posts another loss, cuts 9,000 more jobs - Apr. 18, 2008
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Old 04-18-2008, 11:04 AM
 
Location: Great State of Texas
86,068 posts, read 76,966,493 times
Reputation: 27653
Hey..Big "C" has to make money for their shareholders. Workers are just resources; they don't mean anything to corporations. If they need to hire in the future..they can look to India/China/Brazil for workers at 1/4 of US salary with no mandated benefits.

We did this to ourselves due to apathy in participating in politics over the course of several years.
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Old 04-18-2008, 11:14 AM
 
Location: At my computador
2,057 posts, read 3,191,780 times
Reputation: 510
Quote:
Originally Posted by HappyTexan View Post
We did this to ourselves due to apathy in participating in politics over the course of several years.
And being indiscriminant about where all that 401K money is being invested! Buying snowmobiles and motorcycles instead of investing in local business and credit unions.
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Old 04-18-2008, 11:22 AM
Status: "Retired and happy about it" (set 4 days ago)
 
Location: WA
5,541 posts, read 22,666,666 times
Reputation: 6298
Citi is a huge operation and at least four times that many people leave its employ each year. This is more an announcement about cost cutting than people cutting, likely cutting positions rather than people. Citi obviously needs a restructure and revised management but calling names and making unfounded statements about ownership adds little to the news.
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Old 04-18-2008, 11:39 AM
 
Location: Wilkes-Barre, Pennsylvania USA
2,308 posts, read 2,281,891 times
Reputation: 369
Quote:
Originally Posted by HappyTexan View Post
Hey..Big "C" has to make money for their shareholders. Workers are just resources; they don't mean anything to corporations. If they need to hire in the future..they can look to India/China/Brazil for workers at 1/4 of US salary with no mandated benefits.

We did this to ourselves due to apathy in participating in politics over the course of several years.
Today, employees are one step above the daily trash, and I might be stretching that ranking!
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Old 04-18-2008, 11:45 AM
 
Location: 'Burbs of Manhattan
470 posts, read 1,399,923 times
Reputation: 135
Ouch.

But, is it me - Or do the firing of mass people only make it to the news when the market is approaching a recession?
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Old 04-18-2008, 11:47 AM
 
Location: Wilkes-Barre, Pennsylvania USA
2,308 posts, read 2,281,891 times
Reputation: 369
Quote:
Originally Posted by cdelena View Post
Citi is a huge operation and at least four times that many people leave its employ each year. This is more an announcement about cost cutting than people cutting, likely cutting positions rather than people. Citi obviously needs a restructure and revised management but calling names and making unfounded statements about ownership adds little to the news.
Cost cutting equals positions cut equals employees cut, I call it the way I see it. Meanwhile, all the high level suits and skirts continue to receive their generous compensation packages. I do not call names and make unfounded statements, I express my opinions in "street level" linguistics, not in corporate double-speak!
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Old 04-18-2008, 11:56 AM
 
Location: Great State of Texas
86,068 posts, read 76,966,493 times
Reputation: 27653
Cost cutting starts from the bottom up. Get rid of workers. When there's not enough workers to manage, get rid of managers. Then move what's left closer together and close buildings.

If CEO's and other top execs maybe, just maybe took a salary/bonus cut of a few million then maybe some employees could be saved.
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Old 04-18-2008, 12:07 PM
 
Location: At my computador
2,057 posts, read 3,191,780 times
Reputation: 510
Quote:
Originally Posted by HappyTexan View Post
Cost cutting starts from the bottom up. Get rid of workers. When there's not enough workers to manage, get rid of managers. Then move what's left closer together and close buildings.

If CEO's and other top execs maybe, just maybe took a salary/bonus cut of a few million then maybe some employees could be saved.
Two wrongs don't make a right. If you can do the same work with less people, the market doesn't reward you for wasting money. That goes for labor and management.
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Old 04-18-2008, 12:36 PM
 
Location: Wilkes-Barre, Pennsylvania USA
2,308 posts, read 2,281,891 times
Reputation: 369
Quote:
Originally Posted by One Thousand View Post
Two wrongs don't make a right. If you can do the same work with less people, the market doesn't reward you for wasting money. That goes for labor and management.
Just be sure that upper management gets their "well deserved" salary, perks and bonuses.
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