Citigroup to move 9500 jobs to "lower cost locations"

[Omaha Steve]

Source: Workers Independent News



Citigroup to move 9500 jobs to "lower cost locations"

Under Citigroup's new restructuring plans 17,000 workers will be impacted, with 1600 of those jobs being slashed in New York City. It is all part of a plan to shave $2 billion off of the operating expenses for the nation's largest financial institution this year and $10.4 billion over the next three. Another part of the plan includes moving 9500 positions to "lower cost locations" although the company has not revealed where that will be. The company already has more than 19,000 employees in India. Last year Citigroup CEO pulled in a salary of $26 million dollars and $13 million in bonuses.

AUDIO story here: http://www.laborradio.org/files/lo/winsheadlines.ram

Read more: http://www.laborradio.org/node/5719

[AzDar]

1. Boycott. n/t

[Deja Q]

3. They'll target immigrants and they can peddle cards to people in the countries they move to.

They don't need America anymore.

Trouble is, America still needs America. How will THAT gap be filled, and can anybody bother to look sufficiently ahead to see the possible gap?!

We've got to work together as a community to keep America strong. And I mean in the form of local communities where people get to know one another again. How is that a bad thing? Sorry to suggest more than empty pessimism, but I have my moments.

[Deja Q]

2. You mean, all those credit cards with generous 27% APRs and $50 annual fees is keeping them poor?

:eyes:

And if we have to guess "where that will be", it seems obvious. :dunce:

As for the salary, offshore his job while they're at it. They can afford to slash just about every other job; and the sheer bulk of those don't match his salary. (This isn't being harsh; it's perspective. Everybody needs to see others' perspectives. Even I. And Lord knows I try. It encourages sanity.)

[nealmhughes]

4. It's just generic "Citi" corp -- could be Mumbai as easily as NYC,evidently.

Rather like the Bank of America beign staffed by phone operators in Calcutta (no idea if they are or not), but ATT the former Bell South version, anyhow is full of suspicious subcontinental accents these days. . . and low on Southern or American.

[OhioChick]

5. Hello India!

8,000 Citi jobs may be shifted to Indian BPOs
April 13, 2007 04:13 IST

Nearly 85 per cent of the 9,500 jobs that Citigroup says it will move to low-cost destinations may come to India.

Citigroup Inc yesterday announced its decision to slash 17,000 jobs, largely in the consumer finance and investment banking business. Sources close to the developments indicate that 8,000 of these could be shifted to India. The move will enable Citigroup to cut costs by $3.7 billion in the next year.

The remaining 1,500 jobs are likely to be passed on to Philippines, Russia and Poland. South Asian markets like Malaysia and Vietnam are also emerging destinations for service sector BPOs.

During his India visit last month, Chuck Prince, chief executive officer, Citigroup, had indicated that he would review the company's five divisions to create a "leaner, thinner" Citigroup.

http://inhome.rediff.com/money/2007/apr/13citi.htm

[Deja Q]

9. Cool! Now the Indians can get credit cards to use at their local Hitler's Cross!

http://www.iht.com/articles/2006/08/24/sports/fuhrer.php




The arrogance and homage to that mass murdering filth is beyond despicable.

[ChromeFoundry]

14. wow, that's awful

the defense the owner offers is that he wanted a catchy name, and that he thinks about 600 Jews were killed in the Holocaust. Their schools are considered better than ours? WTF!?

[montanacowboy]

6. It's Probably Montana

that what they do; relocate where they can hire cheap ass labor; lots of big companies coming here in a stealth manner; you never know where they are, buildings are not marked, etc. Then you will see an ad for jobs through an agency so you never know who they are, and they pay between $7-$10 an hour -- the company still does their usual business over the internet, and have practically no overhead

hey = it's the corporate america way - a race to the bottom of the barrel

[ChromeFoundry]

7. wonderful...9,500 more sources of identity fraud. n/t

:grr:

[OhioChick]

15. You Got It! n/t

[phylny]

8. My husband works for what's considered by most here to be a very

evil corporation.

In the early 80s, in his paycheck, he received a notice talking about how important it was for the employees of this corporation to purchase the products of the corporation. I vividly remember part of the notice:

"If you are purchasing products from a competitor, you are guaranteeing employment for the employees of that corporation."

It wasn't a threat, it was fact. In other words, you can't expect to keep a job if you don't buy what you produce and sell. Why do I bring this up? Because, conversely, we cannot expect to fund corporations who are guaranteeing employment for people outside of this country. It's about time these corporations understand this - the more they outsource, the less people in this country have to buy their products/services/etc.

[Deja Q]

11. Maybe more executives are planning to move to Asia?

Is America being gutted?

[w4rma]

16. Probably to Dubai, like Haliburton was. (nt)

[papau]

10. Didn't they announce they were hiring 10,000 -in India -or was that Bank of America? n/t

n/t

[Ignacio Upton]

12. Boy do the Mets feel stupid

Letting Citigroup name their new stadium "Citi Field" and all...

[K8-EEE]

13. Bastards.....aren't they a Saudi outfit?

I was already boycotting them, but I forget what for, LOL!!

[gulfcoastliberal]

17. Unfettered free tade is creating jobs!

In Bombay!

[jumptheshadow]

18. Some moving to Buffalo?

I read a story a couple of weeks ago that stated some of the jobs will be moved to Buffalo -- one of the most economically desperate areas in the country -- and that a new building would be built to accommodate them. I don't have a link, just seem to recall that it might have been in the Times.

This would be good news for Buffalo.