Kerthunk! That’s the sound of the other shoe dropping on Citigroup. I thought I was ahead of the game when just last week I wrote Citibank to Fire 10,000 Workers And Raise Your Interest Rates. Well at least I got the raise your rates part right.
Seems I was off by about 38,000 more Citigroup and Citibank employees that won’t be taking your money anymore. Instead, they’ll be taking their pink slip to the unemployment office for one of those really small unemployment checks.
Citigroup, on top of the 10,000 jobs I reported that would be lost last time has just announced further restructuring that kisses goodbye to an additional 18,000 employees by selling their business units to someone else. Another 21,500 workers will just be getting the boot.
If you put all these cuts and disposals together, Citigroup in total will have shed about 52,000 jobs in just the past few months.
What will be next, $150 credit card late fees and 132% default rate on credit cards to help make up for losses by one of the more brilliant financial groups in the country. Hey, if they couldn’t get this right then what hope is there for the average consumer.
I know, for everyone that has a Citibank card in their wallet, let’s fire it. It wouldn’t do much but it sure would feel good.