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Citigroup's Huge Layoffs Will Hit NY Hard
By
Jen Chung
Published Nov 18, 2008
Modified Nov 18, 2008
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By
Jen Chung
Published Nov 18, 2008
Modified Nov 18, 2008
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Photograph of the Citigroup building in Long Island City, seen beyond a cemetery in Queens by Seth Wenig/AP
Crain's says that Citigroup's announced 52,000-employee reduction is the "second-largest job cut ever undertaken by any company." (The largest one is from 1993, when IBM let go of 60,000.) Citigroup's job cuts--which many don't think are enough given its current condition--are global and some will be through asset sales (about half are layoffs). But Citi is NYC's "second-largest" employer "behind only the New York-Presbyterian Healthcare System," according to Crain's.
Attorney General Andrew Cuomo, who called the cuts "sad and disturbing," hopes that top Citi executives will do the right thing and not take bonuses, as the top brass at Goldman Sachs decided to forego their bonuses. Cuomo said, "As Citigroup suffers, so too do investors, employees, and taxpayers. After four consecutive quarterly losses, it seems only fair that top executives should shoulder their fair share of these difficult economic times.” And Governor Paterson is using Citi's announcement as confirmation the budget situation in the state is dire (less Wall Street revenue)--and is all the more reason the Legislature should act now with budget cuts.
Citigroup CEO gave a town hall meeting explaining the cuts and Citi's business situation (PDF) and read an email from Pandit as well.
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business
citigroup
economy
layoffs
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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