Page 1 of 2 12 LastLast
Results 1 to 20 of 21

Thread: Citigroup sees cutting roughly 50,000 jobs

  1. #1

    Default Citigroup sees cutting roughly 50,000 jobs

    Citigroup sees cutting roughly 50,000 jobs
    Mon Nov 17, 2008 8:56am EST
    (Reuters) - Citigroup Inc said on Monday it sees it's headcount expected to decline 20 percent in near-term from peak levels. Highlights:

    * Says sees expenses expected to be down 20 percent from peak levels

    * Says has "very strong capital position"

    * Says targets $50-52 billion expenses in 2009

    * Sets "near-term" headcount target of about 300,000 employees, down from 352,000 in Q3 and 375,000 at end of 2007

    Thomson Reuters 2008. All rights reserved.

    source : http://www.reuters.com/article/newsO...4AG35320081117

  2. #2

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Gosh...

  3. #3
    Senior Member sammy888's Avatar
    Join Date
    Sep 2004
    Location
    Singapore, Singapore, Singapor
    Posts
    1,568

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    NISA in the mood to be the bearer of lots of bad news leh! heheheh...... how many more thread you want scare and give us heart attack?????

  4. #4

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    No offence to any current/former DBS employees whom may be experiencing hard times now....But maybe shld be glad DBS retrench only 900 ppl?? but on the other hand, citigroup largest consumer bank leh... so maybe nt a fair comparison.... but anyway, 375,000 headcount is alot leh..... imagine their payroll every mth.... one person pay them $1000 a mth is alrd $375mil leh.... very scary leh when this type of giant decides to axe ppl.... it is no worst than tsunami or earthquake...... woah now they have to worry abt retrenchment package worth billions of $$.....

  5. #5

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    My brother, who works in another bank, was told internally that their bank will retrench 10% manpower in Asia Pacific...

    I jio him sell $1.50 chicken rice together... Life goes on la...

  6. #6

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Quote Originally Posted by Yapster View Post
    My brother, who works in another bank, was told internally that their bank will retrench 10% manpower in Asia Pacific...

    I jio him sell $1.50 chicken rice together... Life goes on la...
    U really sell $1.50 chicken rice?? where? i muz go buy from u oso.... economy so bad, nowadays everything the price is heading north.... rmb open alrd muz PM me arh!

  7. #7

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Quote Originally Posted by evo-lution View Post
    U really sell $1.50 chicken rice?? where? i muz go buy from u oso.... economy so bad, nowadays everything the price is heading north.... rmb open alrd muz PM me arh!
    薄利多销ma...

    Add 50 cents for a portraiture shot of you and your family!

    Best is the whole world works together to bring price back to the ground. not on the bubble surface. Haha, wishful thinking of mine...

  8. #8
    Senior Member Galdor's Avatar
    Join Date
    Jul 2006
    Location
    Planet Gaia
    Posts
    9,544

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Citigroup consists of a few business sectors and not only in banking alone, so the 50,000 people is not only in the banking sector, besides it's worldwide and not specifically certain countries.
    Minolta. Konica Minolta. Sony

  9. #9

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    What's the general opinion of g'vnt jobs right now? People still see them as 'iron ricebowl' ?

    I think most now are moving into 1 yr, 2 yr contract based, less permanent status?
    One-North Explorers
    | Leave nothing but footprints, take nothing but photos |

  10. #10

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Quote Originally Posted by Yapster View Post
    薄利多销ma...

    Add 50 cents for a portraiture shot of you and your family!

    Best is the whole world works together to bring price back to the ground. not on the bubble surface. Haha, wishful thinking of mine...
    Soon la, as long as the speculators dun come into play.... which i think they shld nt in the nx one yr or so.... SG ppl always like to use what excuse? OIL price increase lor..... see now oil price is so much lower coz those speculators kiasi alrd, all exit market bringing the price down.... so now no more oil price excuse alrd.....

  11. #11

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Quote Originally Posted by sbs99 View Post
    What's the general opinion of g'vnt jobs right now? People still see them as 'iron ricebowl' ?

    I think most now are moving into 1 yr, 2 yr contract based, less permanent status?
    Maybe Rusty Ricebowls........

  12. #12
    Senior Member azul123's Avatar
    Join Date
    Dec 2004
    Location
    Eastern Bloc
    Posts
    2,776

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Quote Originally Posted by Galdor View Post
    Citigroup consists of a few business sectors and not only in banking alone, so the 50,000 people is not only in the banking sector, besides it's worldwide and not specifically certain countries.
    That's a 20% cut.. every 10 in a group 2 will be out or work. That's quite significant cut no matter how you look at it.

    ../azul123

  13. #13
    Senior Member redstone's Avatar
    Join Date
    Aug 2005
    Location
    Beyond the outer limits
    Posts
    2,898

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Quote Originally Posted by sbs99 View Post
    What's the general opinion of g'vnt jobs right now? People still see them as 'iron ricebowl' ?

    I think most now are moving into 1 yr, 2 yr contract based, less permanent status?
    Business field too competitive

  14. #14

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Citigroup to axe less than 300 in S'pore

    It plans to cut 52,000 staff globally by early next year. -Reuters

    Tue, Nov 18, 2008
    Reuters

    CITIGROUP may cut less than 300 jobs in Singapore, a sign Asia could see much smaller cuts than other regions as part of the US bank's global restructuring plan, sources told Reuters on Tuesday.

    The job cuts, which will be implemented soon, are part of plans revealed by Citigroup on Monday to cut 52,000 staff globally by early next year in a dramatic move to restore the second-biggest US bank to health.

    Citigroup employs about 9,000 people in Singapore and the layoffs account for about 3 percent of its staff, said a source who declined to be identified because the plans were not public.

    'In Singapore, there will be modest headcount reductions,' a bank spokesman said. 'Our business in Singapore continues to register robust year-on-year growth and remains a regional centre for management and operations for Citi globally.'

    Citi recently opened its 20th branch in the city-state, a growing centre for financial services and private banking.

    It was unclear how many jobs would be cut in other parts of Asia. Citi employs 55,000 people in Asia including Japan.

    Wealth management

    A second source familiar with the plan told Reuters around 150 job would be cut at Citi's wealth management unit in Asia excluding Japan.

    The source said more than 60 per cent of the cuts would be in Singapore and Hong Kong. Citi's Asian wealth management unit excluding Japan has 1,200 people.

    A Citigroup spokesman in Hong Kong declined to comment on the numbers but said it expected a reduction in overall headcount in the region.

    'We are repositioning our business to be more efficient and productive in the current difficult market conditions. As a result, some jobs will change and others may no longer be necessary,' the Citigroup spokesman said in a statement.

    The job cuts in the wealth management business are a reversal of a trend seen until last year when rival banks were furiously poaching private bankers to expand their business in Asia, where wealth was growing at a double-digit pace.

    The dramatic plunge of financial markets has prompted wealthy clients to sell stocks and shun higher-fee products for the comfort and safety of cash, private bankers and industry experts told the Reuters Wealth Management Summit last month.

    Citi's wealth management unit in Asia including Japan managed US$288 billion (S$439.9 billion)worth of assets at the end of the third quarter of 2008, down 7 per cent from the same period a year ago.

    The unit, which includes the private bank as well as Smith Barney Australia and Citi Nikko Cordial in Japan, earned net income of US$59 million in the third quarter, down 58 percent from a year ago, according to Citi data.

    UBS , HSBC and Citi are considered the top three players in Asia's private banking market. -- THOMSON REUTERS

    Source : - http://business.asiaone.com/print/Bu...18-101607.html

  15. #15

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    yes, it is great that you posted the last portion, i wish to highlight that

    50,000 jobs is WORLDWIDE

    not a small number, but small when you take into account the size of the company.

  16. #16

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Quote Originally Posted by night86mare View Post
    yes, it is great that you posted the last portion, i wish to highlight that

    50,000 jobs is WORLDWIDE

    not a small number, but small when you take into account the size of the company.
    actually 20% is quite a big number lah. imagine 1 in 5 of your colleagues will have to go.

    Frankly, I fid it hard to sympathize with people in the banking/finance industries. To a layman like me, I think their obscene pay in the past few years are largely unjustified. I do think that part of their obscene pay comes from selling highly risky investments to clients and basically just "conning" them of their money.

    Seriously, u keep seeing bank people trying to sell all sorts of investment products to all sorts of people. They dun really care if u make money. all they want is to sell as much as possible before the cards goes tumbling down.

    So now the cards has tumbled down, do I really care that they lose their jobs? not really.

    Anyway, they probably have earned enough to tide over the recession anyway.....

  17. #17
    Senior Member dennisc's Avatar
    Join Date
    Oct 2002
    Location
    Freezing Upp Thomson/Mandai!
    Posts
    2,008

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Agreed. Ironically a bank in raffles place offered me a job last week as well, for a higher pay. Think I've to walk the extra mile with it, didn't accept it.

  18. #18

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Quote Originally Posted by pisduck View Post
    Seriously, u keep seeing bank people trying to sell all sorts of investment products to all sorts of people. They dun really care if u make money. all they want is to sell as much as possible before the cards goes tumbling down.
    they push product that give them good commission and not how good return the client can get.

  19. #19

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    It's true that the front office people made lots of money, esp the wheeler-dealers. But the back office people worked long hours and got honest, not obscene pay because the top bonuses went to the salesmen and the managing directors.

    So save some sympathy for them.

    Quote Originally Posted by pisduck View Post
    actually 20% is quite a big number lah. imagine 1 in 5 of your colleagues will have to go.

    Frankly, I fid it hard to sympathize with people in the banking/finance industries. To a layman like me, I think their obscene pay in the past few years are largely unjustified. I do think that part of their obscene pay comes from selling highly risky investments to clients and basically just "conning" them of their money.

    Seriously, u keep seeing bank people trying to sell all sorts of investment products to all sorts of people. They dun really care if u make money. all they want is to sell as much as possible before the cards goes tumbling down.

    So now the cards has tumbled down, do I really care that they lose their jobs? not really.

    Anyway, they probably have earned enough to tide over the recession anyway.....

  20. #20
    Senior Member
    Join Date
    Jun 2008
    Location
    昭南島
    Posts
    2,074

    Default Re: Citigroup sees cutting roughly 50,000 jobs

    Only in countries where there is union to look after will the individual severance packages be substantial. As a whole, yes, the packages will be significantly large for the total of 52k unfortunate souls.

    Quote Originally Posted by evo-lution View Post
    No offence to any current/former DBS employees whom may be experiencing hard times now....But maybe shld be glad DBS retrench only 900 ppl?? but on the other hand, citigroup largest consumer bank leh... so maybe nt a fair comparison.... but anyway, 375,000 headcount is alot leh..... imagine their payroll every mth.... one person pay them $1000 a mth is alrd $375mil leh.... very scary leh when this type of giant decides to axe ppl.... it is no worst than tsunami or earthquake...... woah now they have to worry abt retrenchment package worth billions of $$.....
    | Canong 480D mk II | EF 18-55mm LV mk XOXO marco + Bougainvillea-shaped hood |

Page 1 of 2 12 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •