Citi’s 7,000 laid off staff were paid an average of $214k each
https://www.efinancialcareers.com/news/citi-s-7-000-laid-off-staff-were-paid-an-average-of-214k-each
by lurker_bee
Citi’s 7,000 laid off staff were paid an average of $214k each
https://www.efinancialcareers.com/news/citi-s-7-000-laid-off-staff-were-paid-an-average-of-214k-each
by lurker_bee
11 comments
Averages are not reliable as we all know. The real meaningful number would be the median income. Still, do not weep for Citi or these layoffs, it’s all part of capitalism’s collateral damage…its culture.
So… five C-suites and 6,995 $14/hour workers.
Those greedy banks.
214k is total cost to the business, not salary. So it includes money paid in benefits and taxes.
They cost Citi $214k average, but their salary would be about 2/3rds that, so probably $150k average salary.
Damn, $1.5 billion that’s out of the economy from just one company
OK so to clarify, “were paid” means how much they were paid in salaries previously, not how much they were paid as part of the layoffs. I first thought it was the latter, I was getting a bit jealous…
Just like the 2008 Global Financial Meltdown. First the real estate market went and imploded. Second, which in tern affected banks and the Wall Street firms dealing with the CDO’s. Then third, job losses and layoffs spread into the many other industries of the economy not directly related to the housing sector, but due to collateral damage from the housing sector into the other industries – started losing business activity. This will spread out to the rest of the economy.
Those who bought homes at 3% interest rate, what happens when both wage earners both get laid off. They are forced to sell, just like in 2008.
Keep your ears and eyes open for the cascading layoffs in the other industries. Most of the legislation made as a result of 2008 had been watered-down and nullified in court challenges. The underlying issues that caused 2008 were never fully made illegal and the global stimulus only kicked the can further down the road.
Just like the 2008 Global Financial Meltdown. First the real estate market went and imploded. Second, which in tern affected banks and the Wall Street firms dealing with the CDO’s. Then third, job losses and layoffs spread into the many other industries of the economy not directly related to the housing sector, but due to collateral damage from the housing sector into the other industries – started losing business activity. This will spread out to the rest of the economy.
Those who bought homes at 3% interest rate, what happens when both wage earners both get laid off. They are forced to sell, just like in 2008.
Keep your ears and eyes open for the cascading layoffs in the other industries. Most of the legislation made as a result of 2008 had been watered-down and nullified in court challenges. The underlying issues that caused 2008 were never fully made illegal and the global stimulus only kicked the can further down the road.
Average you say.
Banks are suffering big time. Our company has used the same bank for almost 15 years. This is the first year they have ever cold called twice a month to do whatever they can to get deposits, wrote me loans etc. I mean they’re really chasing us hard. I think profit and revenue is way down with this housing slow down and everyone from the top down is trying to figure out how to “fix” it until feds lower rates.
But they won’t lower rates and they will cause a recession.