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131 Comments
- mongo22, on 11/16/2008, -3/+41When will the layoffs stop. This is depressing.
- brandita, on 11/16/2008, -4/+40Should be called *****.
- inactive, on 11/16/2008, -2/+26Sad but it's not the only major financial institute having to deal with lay-offs.
- brad3378, on 11/16/2008, -0/+18In my home state of Michigan, it's just the way of life.
- zspade, on 11/16/2008, -1/+16I work for JP Morgan Chase, and I can tell you our us tech department has been on a hiring freeze for a good while now. A lot of my friends are no longer employed here either, due to their contracts 'expiring'. I'm not a contractor, and I don't even feel safe.
That said, they did just hire a bunch more people in India to compensate for the 'losses' here... - inactive, on 11/16/2008, -0/+14Oh, this is just the beginning!
Merry Christmas America! - inactive, on 11/16/2008, -0/+14Just think of all the money the CEO's can save, bumping up share prices, paying themselves a reward for the money they saved...
cruel world isn't it, fodder? - inactive, on 11/16/2008, -1/+14He has not even taken the position. i guess you meant "bush"
- inactive, on 11/16/2008, -2/+15I feel sorry for the people, but I hope it will put them in a better financial position. I don't have even close to $250k in Citibank, but if they fail it will still be a pain having my money tied up for a while waiting for the FDIC and having to set up all my automatic payments somewhere else. Plus I really like their online banking--anyone know if Chase is as good or better?
- Observant1, on 11/16/2008, -5/+17theyve already looted the jobs and money from the US, why should they keep employees? this is exactly what ATM's and automatic bill pay is all about, making personnel obsolete. 25 years ago government employees at the unemployment department were telling me I didnt want to be in manufacturing because it was being phazed out in favor of a service economy (non-productive!). they are introducing self-checkouts at the stores now, so very soon, who's going to have a job at all? the technology and production was deliberately outsourced by corporations and government, is clearly unAmerican activities, the people arent fully aware of the results of the treason yet, most wont be until they are unemployed and homeless.
- brianara3, on 11/16/2008, -1/+11Why is it 40,000 people need to loose their jobs when the CEO is still collecting a multi-million dollar bonus? If you assume that the average sallary of the people being fired is about $30,000 (I'm guessing it is less) and they are giving management even $100million in bonuses (GoldmanSachs is in the billions), that would allow about 3,300 to keep their jobs.
- Jforsyth89, on 11/16/2008, -0/+8Say that you are selling product Y and that customers are willing to buy 10000 units per year. You hire 10 people because they can each make 1000 units per year. Suddenly, customers are only willing to buy 9000 units per year. If you make anything more than that, it will essentially be wasted. So you fire 1 person.
It doesn't mean that the guy who got fired was useless or didn't add any value. The market conditions and consumer demand just happened to change so that his job was no longer beneficial. - lestyoubejudged, on 11/16/2008, -0/+8The problem isn't really that automation or technology is replacing human personnel. A major way corporations make money is to become more efficient over time. The huge problem in the US is we don't replace those jobs with new sectors because major industries like automotive and energy put the government in a headlock on opening up new technologies. We are all the victims of a very short sighted and vicicous self destructing philosophy. We need fearless leaders in Washington to break this cycle. I really pray Obama and the other leaders in Congress are up to it.
- inactive, on 11/16/2008, -0/+8It seriously boggles my mind how someone can be so stupid as to think the failing economy (that started a couple months ago) are caused by a single junior senator.
- ScienceDoc, on 11/16/2008, -2/+10I feel sorry for the people, but CitiGroup are a bunch of crooks.
- Onetrack, on 11/16/2008, -0/+8No Shiat.. You're exactly right.
All CEO's should be like Steve Jobs, takes a 1.00/year salary, and gets his options based on how well the company does. Means he actually has to WORK and PRODUCE. Unlike some CEO's I've known. We had one idiot pulling a $12,000/month salary where I used to be + travel + bonus's + stock + hiring bonus + 3 company cars in 3 cities + a $7,000.00 a month house rental in the Caribbean where he was at for 2 days over an entire year.
The first thing he did when he was brought on, was to fire 40 of the 70 programmers we had. Just so he could make enough back to keep the bottom line in the black and hire 1 guy as CFO.
This guy was so entirely useless he didn't have the technical ability to read his own email. - The two of them did so much more ' restructuring ' that basically for every 25-30 people they laid off, they'd bring in another 1 of their cohorts.
These people exhist for no other reason than to vampirically leech/bleed a company dry and they are NEVER held accountable for it. - cubicledrone, on 11/16/2008, -1/+9Ooh, time for the ol' Disney animators example to stomp seven shades of ***** out of this tired argument.
Disney fired 4000 animators who were directly and repeatedly responsible for up to $200 million in top-line revenue for the company. These are people that can never be replaced: they're like star quarterbacks or astronauts. Disney's excuse was "costs."
Then they turned around and wrote a seven billion dollar check to buy Pixar.
What you add to the balance sheet doesn't mean *****. How good you are at your job, even if you are famous, doesn't mean *****. You'll get fired anyway. Because that's what we do in America. We fire people. - mediaspree, on 11/16/2008, -0/+8Very interesting. I have done 98% of all my transactions for the past year without human interaction. I always wondered how the folks working in the super market checkout line felt as I swiped my own groceries in the "self serve" lane while that digital voice guided me...
- seltaeb4, on 11/16/2008, -0/+8I think those are mainly there as a not-so-subtle threat from management to the clerks.
- philthetechie, on 11/16/2008, -0/+7Yeah, but this one hits home for me. Come December 26th my mom is out of a job because Citi is moving back to Dallas from Denver. Merry friggin' Christmas.
- Jforsyth89, on 11/16/2008, -0/+7No pun intended?
- inactive, on 11/16/2008, -1/+8I hope they lay off the morons who send me a credit card offer almost every week.
- benologist, on 11/16/2008, -0/+7And make *****
- brianara3, on 11/16/2008, -1/+8...Um, not president yet? Thanks Bush!
- neutronphaser, on 11/16/2008, -1/+7I change the language on the self-checkout to make people stare.
- brianara3, on 11/16/2008, -0/+6Oh, and by the way.....
It's not the presidents fault that the banks are failing. It's the poor management that is incapable of maintaining a profit because of unacceptable business choices (ie. bad loan deals).
It also is not the governments job to correct failing business. Who is next? The auto makers? The computer companies? Wal-Mart? If the government steps in and rescues the financial industry every other business will be standing next in line to get a hand-out.
I say let them fail. The bad banks will fall, good will rise, they will not make the same bad choices the failed ones have, and new banks will step in and provide a better built industry. Sure, a lot of people will lose a lot of money, but that is the cost of failure. - louiebaur, on 11/16/2008, -0/+5For sure!
- joe8pack, on 11/16/2008, -0/+5When the underlying systemic problems are ameliorated. The layoffs are symptoms, the patient (the economy) is very sick,it has been abused for years, the ongoing wars, the trade deficits, the importation of so many things that were once created here. The use of illegal immigrant labor to drive down the wages of the workers while the management pocket the savings through ever increasing compensation packages, and so many other small tedious things that most people turn a blind eye to, things so desperately boring, things they are not educated to understand, only educated to consume, that they turn away and spend meaningless hours in video games or other idle pursuits wasting their lives instead of changing their world.
Until these things change, until we restructure into a vibrant economy that serves all who participate instead of a few huge corporations at the expense of all, we can expect only more of the same or worse. Misery brought by our corporate masters served up on a plates made of solid greed and gilded in avarice. If you don't like the food, if you retch at the taste, perhaps it is time to work on changing how it is prepared. Perhaps the recipe for this economy is poisoned? - blackinthmiddle, on 11/16/2008, -0/+5The square root of 81 is nine. Two statements. One made by me, the other by you. Neither have anything to do with the article.
- hdrkid, on 11/16/2008, -1/+5Banksters are crooks. Say goodbye to the 750 billion dollars. Still no loans, and now Detroit wants money. Well, at least they make cars.
- JKAL, on 11/16/2008, -0/+4In theory you that is what is supposed to happen, but usually people with a good network of people (i.e. people who brown nose to keep their jobs) will still have a job while good people will be let go.
In the finance industry it is still a "jobs for the boys" culture.
Maybe upper management will not agree with that thinking, however they will turn a blind eye to it, as long as they see the bottom line has less head count and they can justify their cost cutting to their managers, no one really checks who got the boot. - inactive, on 11/16/2008, -0/+4Yup, it's been the same way at Wachovia for a few years now too. Layoff 50 US workers, offshore 100 jobs to India. I'm in IT too, and really have no idea when all this ***** will stop, if ever. I really wish I had gotten into plumbing like my grandfather told me to 20 years ago. I had a plumber come out and replace my washing machine faucet and drain setup a few months ago, and we got to talking about the job market. He was a cool dude, and even told me what he made per hour, which was a good 25% more than what I make, and I've been in the IT software development game long enough to be making above-average salary.
- oldgal, on 11/16/2008, -0/+4I worked for a bank before retiring. It always impressed me that as paranoid as the bank execs were about security, they never considered that off-shoring might be a security risk. It is only a matter of time...
- switchman401, on 11/16/2008, -2/+6Yup. If they did that we would go into the Great Depression all over again. Good idea. The wealthy flourished then 2.
- Batfishy, on 11/16/2008, -0/+4off - why do you even bother making your asinine and jaw dropping statements? You must believe everyone is as gullible as you seem to be. Only the loudest and most moronic of pundits are trying to blame this on Obama and only a few of you are falling for it. Think about what you are saying for a minute. Some news sources have respected and popular conservatives admitting this economy is the current administrations fault.
You just sound sad and uninformed. - pintomp3, on 11/16/2008, -1/+4want some oxycontin with your limbaugh talking point?
- pintomp3, on 11/16/2008, -0/+3the way this economy is going, spamming might be the only sector left with jobs.
- bearebel, on 11/16/2008, -1/+4***** gets what it deserves. This is the price of arrogance. This is the price of your "we know best and what works here will work around the world" culture. It's terrible for the people losing their jobs, but at least they have a headstart before the company collapses. It's ironic that their sub-prime unit is the only one making them any money on the consumer side. If I worked for them, I'd be getting ready to welcome the new overlords. Citi's days are done.
- clinko, on 11/16/2008, -0/+3Global Economy = Merry Christmas World!
- Dumbledorito, on 11/16/2008, -0/+3That's Financial "Institution," which, given their recent behavior, should include strait jackets.
- davidjunit, on 11/16/2008, -0/+3They're either hurting BAD or my credit score is AWESOME because my Citibank credit card (that I got in college to establish a credit history) had a $13,000 limit... I got a notice two weeks ago that it increased to... $20,000. WTF, really now; I love carelessly spending money but I'm not THAT dumb.
It's probably in their plans to increase credit lines when the economy is down because they assume people will run 'em up. I thought I heard on the news that Citi also plans to increase interest rates on their cards to cover losses. - joe8pack, on 11/16/2008, -0/+3Citi group - another faceless corporation consuming itself to sustain itself, so it might feed on the income and greed, the must have it now sensibility of the consumer, the same consumer saturated in a media blitzkrieg of 24/7 advertisements to buy now, buy more, get citi points and citi dollars, use these enclosed checks to purchase a fabulous new collar to show your stupidity and undying servitude to your corporate masters who sell you back your future earnings at 30 per cent interest and you are stupid enough to participate. To bankrupt yourselves to enrich your masters. To destroy your future so that Citibank's Chairman can have a new jet.
Citibank gets TARP dollars to fill their vaults and dumps American employees so they can hire more underpaid Indian workers, until they become too expensive and the corporation moves on to feed on the next group of underpaid workers.
Citibank, poster child for the corporate depression, brought to you by deregulation and so called free trade. Read up on FIRE economy - Finance Investment Real Estate. - inactive, on 11/16/2008, -0/+3
I recently took a job with a large but privately held company. Its sorta refreshing to not here the constant chatter of how we've got to get the share price up, how we need to put the spin on everything for the shareholders.
Fact is we're aggressively expanding operations, doubling from this summer and doubling again by early spring. - Batfishy, on 11/16/2008, -0/+3Everything is wrong with sad and uninformed.
- cubicledrone, on 11/16/2008, -1/+4I make it a policy to announce to the manager that I refuse to use the machines, because I prefer that my neighbors remain employed.
- publiclurker, on 11/16/2008, -0/+3Times up. If you do a brief search, you can find multiple instances of outsourced identity theft.
- tomg025, on 11/16/2008, -0/+3i'm looking forward to calling the mets new stadium *****
- inactive, on 11/16/2008, -2/+4I love how the press releases always try to put a soft spin on the news by saying it's a trim of the "global workforce" when in reality it's always that 90% of the job cuts are in the US, while little or nothing is cut elsewhere. Meanwhile, more jobs are quietly "offshored" to India or some other place that would still be a totally backwards 3rd world toilet if it weren't for US companies sending jobs over there. Actually, I take that back. Outside the tech hubs like Bangalore, India still is a 3rd world toilet.
Why yes, I am bitter. Thanks for asking. - shibainu, on 11/16/2008, -0/+2http://www.imdb.com/title/tt0762117/
http://www.maxedoutmovie.com/
you need to see this documentary. - oldgal, on 11/16/2008, -0/+2Yup, because corporatations are so much smarter and more efficient. At least we have a shot at changing the executive management of government. Seems like corporate management has become incredibly entrenched.
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