FARK.com: (7473545) Citigroup announces 11,000 layoffs. Apparently they feel they don't need quite that many employees to take care of the remaining three mortgages and seven bank accounts

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		Citigroup announces 11,000 layoffs. Apparently they feel they don't need quite that many employees to take care of the remaining three mortgages and seven bank accounts (abcnews.go.com)		35
		More: Fail, Citigroup, Raymond James, Vikram Pandit, equity research, bank accounts, layoffs, support function, mortgages

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593 clicks; posted to Business » on 07 Dec 2012 at 11:41 AM | Favorite | share:

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CPennypacker		2012-12-07 11:43:39 AM

They're better off with the severance. Working at Citigroup is awful.

veive		2012-12-07 11:48:01 AM

CPennypacker: They're better off with the severance. Working at Citigroup is awful.

This.
The day they told me I was fired for correctly doing my job was the best day of my life.

cig-mkr		2012-12-07 11:55:44 AM

Citigroup Stock (C) Jumps After 11,000 Layoffs Announced
Isn't it wonderful how the market thinks?

Nemo's Brother		2012-12-07 11:58:06 AM

cig-mkr: Citigroup Stock (C) Jumps After 11,000 Layoffs Announced
Isn't it wonderful how the market thinks?

The Warren Buffets of the world have farked us all. Deal with it.

dumbobruni		2012-12-07 12:01:10 PM

Most of the layoffs, 6,200, will occur in the company's global consumer banking group, followed by 1,900 positions in the institutional clients group. Within those groups, a large number of layoffs are in operations and technology support functions.

banking regulations call for stronger back/middle office controls, and Citi responds by massive layoffs in the back/middle office.

makes perfect sense.

sure haven't		2012-12-07 12:03:14 PM

Citigroup lays off 11,000.
Meanwhile a few links down, Burger King is expanding their business.

What a country.

Smeggy Smurf		2012-12-07 12:05:33 PM

sure haven't: Citigroup lays off 11,000.
Meanwhile a few links down, Burger King is expanding their business.

What a country.

Most people working in banks are barely smart enough to make fries. I'm OK with this

Gunny Walker		2012-12-07 12:06:18 PM

If they can afford a NASCAR race, they aren't broke, subby.

Swoop1809		2012-12-07 12:11:35 PM

Im sure there wont be any issues what so ever by laying off their tech people. Meanwhile, JPMorgan has a hiring initiative in tech because they know without tech they dont make squat.

jjorsett		2012-12-07 12:19:49 PM

cig-mkr: Citigroup Stock (C) Jumps After 11,000 Layoffs Announced
Isn't it wonderful how the market thinks?

You mean thinking that it's good for the bottom line to not be paying employees that aren't required for your current level of business? Yes, it is wonderful.

kbotc		2012-12-07 12:23:50 PM

jjorsett: cig-mkr: Citigroup Stock (C) Jumps After 11,000 Layoffs Announced
Isn't it wonderful how the market thinks?

You mean thinking that it's good for the bottom line to not be paying employees that aren't required for your current level of business? Yes, it is wonderful.

Bad news: They probably are required to maintain their currently level of business, but Citi is looking to reduce costs in it's current quarter to counter a perceived weak quarter. This will be offset next quarter when Citi pays double their salaries to bring them back as contractors otherwise their infrastructure falls apart. (Or else Citi is really dumb and thinks "THE CLOUD WILL SAVE US!")

Saberus Terras		2012-12-07 12:33:10 PM

kbotc: jjorsett: cig-mkr: Citigroup Stock (C) Jumps After 11,000 Layoffs Announced
Isn't it wonderful how the market thinks?

You mean thinking that it's good for the bottom line to not be paying employees that aren't required for your current level of business? Yes, it is wonderful.

Bad news: They probably are required to maintain their currently level of business, but Citi is looking to reduce costs in it's current quarter to counter a perceived weak quarter. This will be offset next quarter when Citi pays double their salaries to bring them back as contractors otherwise their infrastructure falls apart. (Or else Citi is really dumb and thinks "THE CLOUD WILL SAVE US!")

No, it means they're going to just hire more know-nothings in India and whip their contractor IT staff even more.

SacriliciousBeerSwiller		2012-12-07 12:36:29 PM

cig-mkr: Citigroup Stock (C) Jumps After 11,000 Layoffs Announced
Isn't it wonderful how the market thinks?

Why shouldn't it think that way? Investors want to see a business perform. That's sort of the whole point of investing. So if laying people off will improve the bottom line, then obviously investors will be attracted to it and the stock will jump.

I'm pretty liberal but it always amuses me how people seem so shocked at the behavior of a completely amoral concept.

Blame the company's executives for sucking at their job.

Carth		2012-12-07 01:44:38 PM

SacriliciousBeerSwiller: cig-mkr: Citigroup Stock (C) Jumps After 11,000 Layoffs Announced
Isn't it wonderful how the market thinks?

Why shouldn't it think that way?
.

Some people think the country would be better off is companies thought long term instead of making the current quarter look better. Laying off 11,000 employees this quarter might result in a bump in the stock price and some nice bonuses for upper management but if 5 months from now they have to hire the majority of them back as contractors at higher because they can't handle the workload, or if they just let their service quality degrade it isn't good for the economy in the long run.

monoski		2012-12-07 01:59:03 PM

sure haven't: Citigroup lays off 11,000.
Meanwhile a few links down, Burger King is expanding their business.

What a country.

I am sure the pay is comparable.

YixilTesiphon		2012-12-07 02:41:16 PM

Carth: Some people think the country would be better off is companies thought long term instead of making the current quarter look better

Not that Citigroup has a record of intelligent management, but how the heck would you know whether what they're doing will make sense or not?

TheGreatGazoo		2012-12-07 02:58:52 PM

I work as an IT Vendor for some big banks.

Who will fill out all of the paperwork now? They need 2 weeks prep time and paperwork filled out in triplicate to edit a text file.

gingerjet		2012-12-07 03:04:30 PM

Citibank holds my mortgage so I'm getting a kick.

/only a few years left on it anyways

SuperT		2012-12-07 03:29:20 PM

TheGreatGazoo: I work as an IT Vendor for some big banks.

Who will fill out all of the paperwork now? They need 2 weeks prep time and paperwork filled out in triplicate to edit a text file.

that's fast in bank world. The bank I "support" hasn't given me required AD groups in.... 7, almost 8 months. With email reminders daily, a phone conference at least once a week. But they are still paying, so whatever.

Swoop1809: Im sure there wont be any issues what so ever by laying off their tech people. Meanwhile, JPMorgan has a hiring initiative in tech because they know without tech they dont make squat.

you know if they have anything in Cincinnati and if they are hiring?

Swoop1809		2012-12-07 03:41:00 PM

SuperT: TheGreatGazoo: I work as an IT Vendor for some big banks.

Who will fill out all of the paperwork now? They need 2 weeks prep time and paperwork filled out in triplicate to edit a text file.

that's fast in bank world. The bank I "support" hasn't given me required AD groups in.... 7, almost 8 months. With email reminders daily, a phone conference at least once a week. But they are still paying, so whatever.

Swoop1809: Im sure there wont be any issues what so ever by laying off their tech people. Meanwhile, JPMorgan has a hiring initiative in tech because they know without tech they dont make squat.

you know if they have anything in Cincinnati and if they are hiring?

I know they have a finance office in Cincinnati, but I think the bulk of development and infrastructure work is done in Columbus

Mike Chewbacca		2012-12-07 04:35:11 PM

Swoop1809: Im sure there wont be any issues what so ever by laying off their tech people. Meanwhile, JPMorgan has a hiring initiative in tech because they know without tech they dont make squat.

That attitude is inherited from the Chase side (as opposed to the BankOne side). When we merged, invariably every piece of software B1 used was incredibly outdated. The B1 people biatched and moaned when it was decided that the Chase software would be adopted. But B1 won in the end with the overall corporate culture. Every year there's been a reduction in benefits. This year they capped raises at 2% despite record profits because of "softness in Europe."

/laid off after nearly 12 years
//still bitter

sobernutz		2012-12-07 04:59:42 PM

Johnson! The economy is in the shiatter. Lets lay off 11,000 drones!

Great idea sir!

Johnson! I just don't understand it, lets lay off another 11,000 drones.

Right away sir!

Johnson! Economy just seems to be getting worse, lay off another 11,000 drones.

.............

Johnson? Johnson?

TheGhostofFarkPast		2012-12-07 05:31:34 PM

dumbobruni: Most of the layoffs, 6,200, will occur in the company's global consumer banking group, followed by 1,900 positions in the institutional clients group. Within those groups, a large number of layoffs are in operations and technology support functions.

banking regulations call for stronger back/middle office controls, and Citi responds by massive layoffs in the back/middle office.

makes perfect sense.

IT is never seen as a resource worth paying for in any environment I have ever worked. The company I work for is struggling mostly because the time it takes to get products to market and the time it takes to update existing products yet they just gutted a whole slew of people from engineering. There was plenty of dead wood elsewhere that could of easily been sent out the door but the fact that they have been here forever they were able to make enough plays with management to stay on. Hell I just had to teach someone in our Quality Evaluation area how to copy and paste a URL from a browse into an email. Management has no clue what they are doing.

/works in IT

dustman81		2012-12-07 07:18:36 PM

Swoop1809: SuperT: TheGreatGazoo: I work as an IT Vendor for some big banks.

Who will fill out all of the paperwork now? They need 2 weeks prep time and paperwork filled out in triplicate to edit a text file.

that's fast in bank world. The bank I "support" hasn't given me required AD groups in.... 7, almost 8 months. With email reminders daily, a phone conference at least once a week. But they are still paying, so whatever.

Swoop1809: Im sure there wont be any issues what so ever by laying off their tech people. Meanwhile, JPMorgan has a hiring initiative in tech because they know without tech they dont make squat.

you know if they have anything in Cincinnati and if they are hiring?

I know they have a finance office in Cincinnati, but I think the bulk of development and infrastructure work is done in Columbus

They have a huge datacenter in Polaris. Massive.

Gergesa		2012-12-07 07:25:44 PM

I work for citigroup so I am getting a kick.

Regarding the technology, I can't help but notice that we are constantly experiencing freezes that can last from several minutes to several hours. The help desk is regarded as the helpless desk(naturally they all have indian accents; some heavier than others.)

Deadlines are pretty tight but it seems there is never enough underwriters around and the files constantly have problems with them.

Comic Book Guy		2012-12-07 08:35:09 PM

dustman81: Swoop1809: SuperT: TheGreatGazoo: I work as an IT Vendor for some big banks.

Who will fill out all of the paperwork now? They need 2 weeks prep time and paperwork filled out in triplicate to edit a text file.

that's fast in bank world. The bank I "support" hasn't given me required AD groups in.... 7, almost 8 months. With email reminders daily, a phone conference at least once a week. But they are still paying, so whatever.

Swoop1809: Im sure there wont be any issues what so ever by laying off their tech people. Meanwhile, JPMorgan has a hiring initiative in tech because they know without tech they dont make squat.

you know if they have anything in Cincinnati and if they are hiring?

I know they have a finance office in Cincinnati, but I think the bulk of development and infrastructure work is done in Columbus

They have a huge datacenter in Polaris. Massive.

I don't know of a single IT engineer who's happy working for them.

Mike Chewbacca		2012-12-07 10:10:49 PM

Gergesa: The help desk is regarded as the helpless desk(naturally they all have indian accents; some heavier than others.)

Yep, that's Chase, too, right down to calling them the helpless desk.

Mike Chewbacca		2012-12-07 10:12:22 PM

Saberus Terras: kbotc: jjorsett: cig-mkr: Citigroup Stock (C) Jumps After 11,000 Layoffs Announced
Isn't it wonderful how the market thinks?

You mean thinking that it's good for the bottom line to not be paying employees that aren't required for your current level of business? Yes, it is wonderful.

Bad news: They probably are required to maintain their currently level of business, but Citi is looking to reduce costs in it's current quarter to counter a perceived weak quarter. This will be offset next quarter when Citi pays double their salaries to bring them back as contractors otherwise their infrastructure falls apart. (Or else Citi is really dumb and thinks "THE CLOUD WILL SAVE US!")

No, it means they're going to just hire more know-nothings in India and whip their contractor IT staff even more.

foomandoonian.files.wordpress.com

akula		2012-12-07 10:32:26 PM

Gergesa: I work for citigroup so I am getting a kick.

There's a farkton of your colleagues who really need to be out on their asses.

We just blew off a mortgage refi with Citi. Six months after we started the jackasses STILL weren't ready to close. They get documents, disappear for two months, then biatch about how they need more documents because they sat on those too long.

A bigger cavalcade of incompetent jackoffs I've never seen. Fark that company.

Gergesa		2012-12-07 11:06:45 PM

akula: Gergesa: I work for citigroup so I am getting a kick.

There's a farkton of your colleagues who really need to be out on their asses.

We just blew off a mortgage refi with Citi. Six months after we started the jackasses STILL weren't ready to close. They get documents, disappear for two months, then biatch about how they need more documents because they sat on those too long.

A bigger cavalcade of incompetent jackoffs I've never seen. Fark that company.

Well I will tell you that from an insiders perspective it seems as though for a loan to close there isn't enough integration. One department does not know what the other is doing and does not understand the requirements the other department has for say trust documents. It is a very decentralized system that encourages loans to be handled piecemeal without looking at the loan as a whole. So your loan can go through multiple departments and be fine and when it gets to the end someone has to have the bad luck of saying to you "sorry X is missing and you won't be closing" or "sorry, the loan officer may have said that but...." or "Sorry, the title company has discovered and undisclosed lien." Or whatever. There is a sort of systemic myopia in citibank culture that assures problems will develop.

Some advice I will give 1) If you are in California chances are your trust will have some problem that the legal team will find so keep you trust attorney number handy along with your trust documents. A typical issue is whether the trust is revocable or not. 2) If you are scheduling a closing get a time that is later in the day; if you get one that is in the morning you have a greater chance of it not closing on time. 3) If you are going to select your own title company avoid the small companies; use larger ones who have a separate department that prepares huds. 4) Be prepared to bring an extra a certified check for 2000 to closing. Why? Because life isn't fair and the loan officers lie about closing costs. 5) Waive your escrows, but if you absolutely must have something escrowed, then escrow your taxes not your insurance.

vegasj		2012-12-08 12:11:28 AM

Forward™

Swoop1809		2012-12-08 12:12:55 AM

dustman81: Swoop1809: SuperT: TheGreatGazoo: I work as an IT Vendor for some big banks.

Who will fill out all of the paperwork now? They need 2 weeks prep time and paperwork filled out in triplicate to edit a text file.

that's fast in bank world. The bank I "support" hasn't given me required AD groups in.... 7, almost 8 months. With email reminders daily, a phone conference at least once a week. But they are still paying, so whatever.

Swoop1809: Im sure there wont be any issues what so ever by laying off their tech people. Meanwhile, JPMorgan has a hiring initiative in tech because they know without tech they dont make squat.

you know if they have anything in Cincinnati and if they are hiring?

I know they have a finance office in Cincinnati, but I think the bulk of development and infrastructure work is done in Columbus

They have a huge datacenter in Polaris. Massive.

Its actually more office than data center. Like 10k people work there in every type of role you could imagine.

Mr. Tweedy		2012-12-08 01:22:34 AM

I had a Citibank credit card but after like 15 years they closed it on me even though I had never missed a payment ("but you might some day"). I still had a balance on the card which I still had to pay off of course. They kept the interest rate the same (4.9%!) so no big deal - I'll just pay it off as slowly as possible since the interest is so low. However they now changed their website where it demands you enter your complete credit card info (exp, cvv and all) to access your account even if just to make a payment. Of course I no longer have a card with them so I can't access my account any longer. Their customer service twit's response was I would have to make all payments over the phone but they would wave the fee. Eh - yea, I don't feel explaining this situation to them every month. Finally after getting a "internet specialist" on the phone, they figured out to close my current online account and then I would register for it again and it would sort of work well enough to make payments.

So, yea, I don't think they'll notice too much if there entire tech department disappeared since they seemed to be just phoning it in anyway.

BalugaJoe		2012-12-08 08:30:05 AM

What where all these people doing before they got fired?

Saberus Terras		2012-12-08 09:12:44 AM

BalugaJoe: What where all these people doing before they got fired?

If they had MBA's, they were farking up processes to gain a sense of self-importance.

If they had a Central Asian accent they were sitting around acting like they knew IT.

Everyone else was a standard bell curve of competence in their job.

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