Monday, November 17, 2008

Citigroup Announces 2nd Largest Layoff In US History

Citigroup announced today that it's latest round of layoffs will total 52,000 employees or close to 20% of it's workforce. Only IBM's announcement in 1993 of a 60,000 job cuts was larger. This is especially painful to New York City, as Citigroup is NYC's 2nd largest employer.
Did I mention the stadium naming jinx?
Citigroup to Cut 50,000 jobs (Marketwatch)
Citigroups Layoff Of 52,000 Makes History (Crain's)

1 comment:

  1. I would like to add some interesting numbers, for example look the following Citigroup Inc. has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 260,000 staff around the world, and holds over 200 million customer accounts in more than 140 countries.!! crazy??

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