Citigroup layoffs trump global economic plan
WASHINGTON (AP) — Another round of massive layoffs at Citigroup and more bad financial news Monday led investors to shrug off the lengthy action plan from world leaders designed to address a sagging global economy.
Citigroup said it will cut about 53,000 more jobs in coming quarters as the banking giant struggles to deal with massive losses from deteriorating debt.
Citigroup has announced another round off layoffs to the tune off 53000 employees. This begs the question; were these people really needed in the first place? The answer is obviously no. Mind you I doubt these were skilled workers to begin with, mostly white collier types who sit in front of a computer screen all day. Which will make it a lot harder for these people to find work. This country seems to have an abundance of college graduates with cushy jobs that require little or no experience or skills just a piece of paper that says you went to college. I would venture a guess that very few of these former employees have any real world skills they could take with them to a another job. I doubt they could set up a 3rd shift production line at the tire plant, or fix a motor drive on a conveyor belt if it went out.
"So Mr. Jones I see you were with Citigroup for the last five years, how are your heat exchanger trouble shooting skills. Well if a sitting in front of a computer reading spread sheets position opens up I will give you a call."
There is an old saying not sure who said it and I paraphrase, "Success is going to come knocking at your door one day, only you might not recognize it because it will be dressed in overalls and covered in grease."
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It's getting kind of scary on a personal level. My general manager went behind closed doors for the annual budget meeting this morning and returned far less jovial an hour and a half later. The girls in the office are a little freaked out.
I haven't posted on this bail-out thing because I'm still trying to get my head around it. There's some strong arguements on both sides. This shit is a little over my head...
I don't think we should bailout the auto industry. They should have go into bankruptcy and restructure they're business model. A bail out of the auto industry only really amounts to the bailout of the UAW. (the dems bread and butter.) On average, an American union UAW made car cost an extra $2000 and that money goes to pay former employees of the big three auto makers that have long since retired. A bail out of the auto industry would only prolong the inevitable.
On a personal note I hope your worries are unfounded about your job, it's not a good time to have to be looking for one to say the least.
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