Thursday, December 6, 2012

Citigroup to slash 11,000 jobs

I don't think this is going to be a good Christmas.  I have never been able to understand why companies lay people off around Christmas.  I think maybe we should move Christmas to another date away from the end of the year.  I would be devastated if this happened to me.
Citigroup said hundreds of jobs could be lost in California, but it wasn't immediately clear exactly how many might be eliminated statewide or in the Bay Area.

"In California, where we have nearly 6,000 employees, the number of positions impacted is proportionate with the global impact," Citigroup spokeswoman Janis Tarter said in comments emailed to this newspaper. Assuming 4 percent of those jobs are cut, that would amount to a reduction of 240 employees in California.

"For the overall economy this is painful," said Michael Yoshikami, chief executive and founder of Walnut Creek-based Destination Wealth Management. "A huge amount of jobs are being lost. It will have a negative impact on money centers such as California. But for Citigroup, this is a positive move."
My guess is this may be a phased layoff over time.  At least, that's what I hope.

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