Out with the Hope And Change, in with the unemployment lines. Hey, it’s what happens when you re-elect the most anti-business president in the history of the universe.
Citigroup said yesterday it will cut 11,000 jobs, in a bold, early move by new CEO Michael Corbat.
Six of Citigroup’ 31 branches in New Jersey will be among the casualties, according to spokeswoman Catherine Pulley.
The branches — in Bayonne, Brick, East Hanover, Nutley, Roseland and Springfield — will close by Dec. 14.
Prior to yesterday’s announcement, Citi had been consolidating operations in New Jersey. It was in the process of closing a Weehawken-based technology office and moving the office’s 88 jobs to other locations, Citi spokeswoman Janis Tarter said in October.
The 11,000 cuts nationwide amount to about 4 percent of Citi’s workforce. The bulk of them, about 6,200 jobs, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking accounts.
Citi said it will sell or scale back some of its overseas operations and focus on 150 cities around the world “that have the highest growth potential in consumer banking.”
The bank, the third-largest in the country by assets, said about 1,900 job cuts will come from the institutional clients group, which includes the investment bank. The company will also cut jobs in technology and operations by using more automation and moving jobs to “lower-cost locations.”
Yeah, “lower cost locations” is “places without Obamacare” and/or “places Obama can’t tax”. Yet.