As Citigroup Inc. reported an $8.29 billion quarterly loss this week, they announced the division of their “supermarket” model into: Citicorp and Citi Holdings. Citicorp focusing on stronger-operations, including its global, corporate and investment banking services, while Citi Holdings overseeing noncore businesses such as its government-backed risky assets, insurancfe unit Primerica Financial Services and CitiFinancial, its Baltimore-based consumer lending arm.
After extensive layoffs and business sales last year, the bank’s work force dropped by about 52,000 to 323,000 in 2008, the company said. Last fall, Pandit announced Citigroup would shed a total of 75,000 employees – meaning there are 23,000 employees still to be let go. Read the full press release issued by Citigroup. Less than two months ago we reported on the Citigroup bailout, and asked the question whether it was problem solved or problem postponed. It goes without saying that the problem looks like it wasn’t solved then and is still present now.
Image by kiwanja under Creative Commons.
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Reading about financial institution layoffs nearly every day, one begins to wonder where the average financial worker or finance grad will be able to turn to find a job. In this article, (How Can I Get a Job in Finance in 2009?), http://curranoncareers.com/how-can-i-get-a-job-in-finance-in-2009 a Duke University professor gives the following advice: “Spread your net far more widely than just “traditional” investment banking! The number of available jobs in the “big banks” has shrunk considerably, but there are other finance jobs out there, in which you can learn similar skills and still get your career off to a great start. Think about mid-market investment banks, private equity, asset management, hedge funds.” I’ve also read from other sources that those with a finance degree might consider looking into the insurance industry as well.