Citigroup to slash 50,000 jobs worldwideNEW YORK: Citigroup said on Monday it was slashing a near-record
50,000 jobs worldwide as the US banking giant tightens its belt further to cope with a global financial crisis and heavy losses. The company, in a document for a presentation to employees by chief executive Vikram Pandit, said that the
headcount was "expected to be down 20 percent in the near-term from peak levels."At that peak, in the 2007 fourth quarter, Citigroup had a global workforce of 375,000 employees, according to the online document. By the end of September the workforce had been trimmed to 352,000; the additional job cuts announced would pare it to approximately 300,000.
The approximately 50,000 job cuts "would be split into the current divestures, and some natural attrition, plus lay-offs," a company source said on condition of anonymity.
Shares plunged 6.62 percent to close at 8.89 dollars, after losing some 24 percent last week.
As of 21nov08,
the share price has dropped to
3.77 dollars................ OMG................
Retrenchment started on wednesday, 19nov08, it is the first time in my working life that i experience retrenchment in a company. Everyone in the office are kind of worried that they would be the one...
I was on lunch duty that day, SK, GG n someone frm HR came in for awhile n left shortly, they spoke to him, and not long after that, he packed his stuff and Annie walked him to the door....
Though he is someone who is not easy to work with, someone whom we do not really like, still, it is really sad to see him go....
Over the next few days, there are emails that got bounced back, or departure emails from compliance... Some are relatively new.... the most shocking one to leave is still her... 32 years with Citi.... i believe it is not easy... she is naggy.... i m gg to miss her nagging.... i hope this is just an early retirement for her....
Hopefully, now with the rescue of Citigroup by the US government, we will be able to see some light.....
