In the mid 90s I bought Citigroup stock... lost at least $3,000 on its collapse, near bankruptcy.

Mgmt and federally mandated social engineering business practices nearly destroyed an Iconic company (there's a reason their ticker symbol is one character "C" ).

Social engineering and govt. interference destroying one company at a time.

Interested to see what happens with USAA since they posted $1.3 Billion loss in 2022.

Anyone have insight on this?

I think that's 20,000 jobs by 2026.

So 24 months to eliminate 20,000 jobs for a company with 240,000 employees. That'll barely be noticeable.

They won't backfill some vacancies, they'll sell off a division, kill off some open req's that are not getting filled, there are many other paths to that 20,000 over 24 months other than 20K pink slips next week.

93MarineHorn said:

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I don't see this as a huge deal. I'll bet plenty of huge corporations could find 10% of their workforce that could be cut and not missed.

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EASILY. Most of these people are probably redundant and provide little to no value. One reason we are seeing a lot of layoffs that gets glossed over is because the entire mentality of corporations has switched from growth at all costs (revenue) to profitability. Two completely different ways to operate.

A lot of these companies employ people all over the world. It's not just Americans being cut. Also….. the Tech sector downsizing last year felt way worse and seemingly cut deeper than what has been announced so far in 2024.

Citi was forcing employees to take the hoax virus jab

Anyone still working there is either a ****ing idiot or a looney lib so who tf cares

Grapesoda2525 said:

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A lot of these companies employ people all over the world. It's not just Americans being cut. Also….. the Tech sector downsizing last year felt way worse and seemingly cut deeper than what has been announced so far in 2024.

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Could be worse cumulatively outside of tech and I suspect it is. There have been layoffs all over the place across multiple industries. They just aren't getting reported well if they aren't a household name.

Zombie companies. Being plundered by opportunists rather than resurrected by shrewd businessmen. Let's all thank those NYC Bankers for these perversions of a once capitalist system.

Get Off My Lawn said:

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Zombie companies. Being plundered by opportunists rather than resurrected by shrewd businessmen. Let's all thank those NYC Bankers for these perversions of a once capitalist system.

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Those opportunists are capitalists, too.

Jeeper79 said:

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But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

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Jeepers.

This is a horrible take.

...Jan 9 Unity Software, 25%, 1800

Has any big, corporate company ever become better for its employees once it got big and public?

Waffledynamics said:

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Has any big, corporate company ever become better for its employees once it got big and public?

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A few do.

Good to Great: Why Some Companies Make the Leap...And Others Don't https://a.co/d/6N5238K

chris1515 said:

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So 24 months to eliminate 20,000 jobs for a company with 240,000 employees. That'll barely be noticeable.

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That depends on whether you are part of the 20,000 or part of the 220,000.

Grapesoda2525 said:

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A lot of these companies employ people all over the world. It's not just Americans being cut. Also….. the Tech sector downsizing last year felt way worse and seemingly cut deeper than what has been announced so far in 2024.

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Many of the Tech cuts are scheduled....for this quarter.


https://www.forbes.com/sites/brianbushard/2024/01/12/amazon-google-duolingo-cut-hundreds-of-jobs-here-are-the-2024-tech-layoffs/?sh=3fe6f413bd2e

https://tech.co/news/tech-companies-layoffs

2024 looks set to follow last year's trend for tech layoffs.

Waffledynamics said:

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Has any big, corporate company ever become better for its employees once it got big and public?

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Yes, also the point of a company is to make money.

Just the beginning. Banks are in trouble. Surviving on Fed liquidity with terrible balance sheets.

Personal debt is a problem with the young buying that most can't afford. Useless college degrees, nice homes, and nice cars.

2023
"Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth," said Donghoon Lee, Economic Research Advisor at the New York Fed. "The continued rise in credit card delinquency rates is broad based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans."

https://www.newyorkfed.org/newsevents/news/research/2023/20231107

I blame the University for selling diplomas without substance. Also, their parents, generation x, that was raised on Happy Meals and the believe their grandparents were racist and bigots.

The paranoia will manifest itself when the US government announces they created hundreds of thousands of new jobs for January in February….

infinity ag said:

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Jeeper79 said:

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But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

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Different situation.
Twitter had new management and ownership and the old one was failing and the company never was profitable. The goal was to make it profitable. Twitter is the same or better than it was with 10% of the employees so obviously they were just making Tik Tok videos at work.

This woman has been running Citi for some time. So she screwed up. But she will put others lives in peril while she makes off with a fat bonus for saving the company.

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If she saves the company, she deserves that fat bonus.

Never worked for a company in which at least 33% of the employees could be laid off with zero impact to productivity.