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Layoff Rumors! Citigroup… Other Banks to Follow?

November 26th, 2007 · 1 Comment

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I think I’ll just quote the Fark snark: “Citigroup has found a way to survive their bad investment in risky home loans as they plan to fire 45,000 people. Merry Christmas.

Wow. 45,000 is a lot of people. About 15% of their total workforce by my calculations. So far, this is just a rumor on CNBC, but wow.
Meethinks the pain from the subprime mess is nowhere near over. Given the size of these rumored cuts, I would have to imagine Citigroup won’t be alone in cutting it’s workforce. If you work for any of the major banks who have taken hits from this mortgage bubble bursting, I’d be looking hard over my shoulder.

Anyone have any rumors of layoffs at other major financial players? If so, send them in. We’ll keep you anonymous.

Financial sector workers, feel free to discuss in the comments…

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Tags: Layoff Rumors