Citigroup cutting IT jobs, shifting some work offshore

[OhioChick]

Source: Computerworld

Tech staff seen heavily impacted by Citi plans to lay off 11,000 workers

December 5, 2012 03:32 PM ET

Computerworld - Citigroup is cutting 11,000 jobs, many in IT, as part of a restructuring announced Wednesday.

The job cuts are part of a plan to save about $900 million through a variety of actions, including "increasing standardization and the use of automated processes," as well as streamlining the organizational structure.

The financial services plan, in its announcement today, said it will also cut costs by consolidating functions and moving certain job functions to "lower-cost locations."

Citigroup, which reported that it employed 266,000 workers at the end of last year, provided few details about its various actions, such as what benefits the standardization will bring. A spokesman did confirm, however, that moving some jobs lower cost locations meant offshore sites.

Read more: http://www.computerworld.com/s/article/9234382/Citigroup_cutting_IT_jobs_shifting_some_work_offshore

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Snip~ "Of the total number of jobs being cut, about half appear to be in its operations and technology areas, according to the announcement."

[TwilightGardener]

1. Well, that blows chunks.

Classic dick move: "lower cost locations". So...India?

[R. Daneel Olivaw]

15. But the problem is that Citigroup can't find qualified candidates to work for them.

So that's why they will hire outside of the USA.

[lilithsrevenge12]

18. That is actually a great point.

I actually did see where some companies were coming from when they said they couldn't find enough "qualified" workers, but this side-by-side comparison shows that it just another bull shit excuse.

[R. Daneel Olivaw]

19. Yup. Couldn't find enough "qualified" workers means:

can't find enough "qualified" workers that speak Hindi and will work for 70% less.

[olddad56]

2. boycott Citigroup, picket citgroup.

let them move their entire operation to India, let them find a new customer base in India, and do business with another bank.

[SoapBox]

12. Seriously...Why the hell would anyone, other than a 1%er, do business

with scum companies like this?

[raouldukelives]

14. Because they look good in the portfolio.

For some, that's as far as principles carry them.

[ChromeFoundry]

3. I didn't think they even had 11000 jobs left in the US

And their stock rises $2.17 per share.

...even more reason not to have one of their cards.

Ya know, they gotta keep those 2012 Executive Bonuses somehow.

[kelliekat44]

4. When 3000% profit is not enough...Oh, and of course, automation to keep customers at bay. nt

[allan01]

5. re:Citigroup cutting IT jobs, shifting some work offshore

msybe its time to start treating these so called us companies as forigen companies and tarrif the heck out of them

[AnotherMcIntosh]

6. Weren't we told when NAFTA was signed that corps were only going to ship menial manufacturing

jobs to foreign countries?

Senator Sanders will oppose the pending NAFTA of the Pacific, the TPP.

But will any other Senators and the President do so as well?

If there is a better way to destroy what is left of the American middle-class than signing another let's-send-even-more-jobs-to-foreign-countries "free trade" agreement, what is it?

[Hotler]

7. I wonder how many of those Citi workers losing....

their jobs to lower cost locations sat back and thought " I have mine. Fuck everyone else." when manufacturing workers lost their jobs to out sourcing during the past ten years or so? While manufacturing workers lost their jobs by the thousand very few other working class people stood up and protested or went on strike in support. Nothing is going to start to change until more people feel the pain. Yeah my heart really bleeds for them.

[Initech]

8. Ah the six words that have completely destroyed our economy: I've got mine, fuck everyone else.

Imagine what we could accomplish if this mentality were done away with...

[OhioChick]

9. Broadbrush much?

I'm in the IT field and come from a family full of blue collar workers and I also live in Ohio. Yes, Ohio has been decimated by NAFTA and when blue collar jobs were being shipped over to Mexico years ago, I stood by my family, friends and neighbors with protests, boycotts, emails, etc. As a matter of fact, I still do.

Not everyone in IT feels "I have mine. Fuck everyone else." I never have nor anyone that I know of in my field.

[ChromeFoundry]

10. Probably, More than you think...

Many of us IT workers came from or started out in other areas, other technology, manufacturing or engineering careers, prior to re-engineering our talents to survive. Most of the people I work with (at least the ones that actually have talent) have never looked at the job landscape as an Us-vs-Them game... but more as an Us-vs-RestOfTheWorld reality. Too bad you can't look beyond your own set of blinders.

[Skittles]

17. I've been in tech work over 30 years

I never met a single coworker who thought pimping manufacturing jobs offshore was a good deal

[Initech]

11. And my parents wonder why I don't pursue IT as a career.

[SoapBox]

13. "Wall Street Bank Cuts 11,000 Jobs After Paying Ousted Executives $14 Million"

Don't forget!

http://thinkprogress.org/economy/2012/12/05/1285501/citigroup-jobs-bonuses/

[BootinUp]

16. Tax these bastards

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