Citi Bank Will Still Cut Over 50,000 More Jobs!!
By rodney850
@rodney850 (2145)
United States
November 17, 2008 10:47am CST
In the following article Citi Bank anounces it will continue it's 20% cutback in staff! This in spite of recieving over $25 billion from the government(American taxpayer)in the 700 billion dollar screw-up! This is a prime example of how bailouts don't and never will work! In the end it is the taxpayer who gets the shaft, not only from higher taxes but some even get to go to the unemployment line! If the government elects to "bailout" GM it will still not stop the massive layoffs that are inevitable! Here is the article:
http://news.yahoo.com/s/ap/20081117/ap_on_bi_ge/citigroup_jobs
1 person likes this
3 responses
@dvschic (1795)
• United States
17 Nov 08
the company is not going under, that was the point of the bailout. Citigroup will still exist, employing thousands of people and keeping tens of thousands of loans in place. do you have any idea what would happen if the second largest bank in the nation went under? a 20% staff cut is necessary, since they grew too large in keeping up with the economy. now the economy is down and they must lay off some excess staff that has nothing to do with the down-turning economy. people get so annoyed, but do you know a company that hasn't had to slow down and consider layoffs? even my company is doing it. every family out there knows someone who got laid off, knows an employer that has slowed down and knows that times are tough.
@rodney850 (2145)
• United States
17 Nov 08
Dvschic,
Thanks for the comment.
My question to you is; do you think that the 75+ thousand employees that are being laid off by Citi Bank will have the same view as you on how "successful" The bailout was? Do you for one minute believe that these people believe their job should have been cut?
Yes, if Citi Bank went out of business it would cause more people to be out of jobs but my point is that the lay-offs would have been inevitable even without the "bailout" so who profited? Citi Bank, of course!
@dvschic (1795)
• United States
17 Nov 08
not many employees at Citibank were laid off, the majority came from their business sales group. No one likes to be laid off, but no one really has a choice right now. The CEO has stated he will not be taking a bonus this year, their profit is in the garbage right now, they are operating in the red. Do you honestly think they didn't consider all other alternatives before settling on layoffs? I think you are being naive if you think the bailout would just instantly prevent all layoffs and the companies are just hoarding all this money for their own benefit. They were at their peak in 2007, now they are close to their bottom, as are most of Americans. Why aren't the shady lenders who got us into this mess being held accountable? Why aren't people taking some personal responsibility? This is a recession. No one person is responsible and no one industry is going to be unscathed.
from yahoo: About half of the expected work force reductions will come from business sales; Citigroup already announced that it was selling Citi Global Services and its German retail banking business, accounting for about 18,000 jobs. Citi is planning to sell other businesses, too, but has not announced them yet, a spokesman said.
@rodney850 (2145)
• United States
17 Nov 08
Dvschic,
You still miss my point! The layoffs would have happened even IF there had been no bailout. So, just exactly what did that 25 billion (with a b)pay for?
@lilwonders456 (8214)
• United States
18 Nov 08
I thought the whole point of the bail out was to help these companies stay up and going that way American's kept their jobs and if possible create new jobs.
Looks like we are getting the shaft (as usual). They get the money and can still lay off tons of people and outsource all they want. Why not fired the CEO and exectives that go the company and our ecomony in this mess in the first place. They mess up and other people loose their jobs. Must be nice to be a CEO.
