Citi - The REAL Snowstorm

Our favorite industries to talk about here at springraise are the pharmaceutical and financial sectors. The autos are a pretty good topic, too, as all of these industries are flapping in the wind.

Autos: 200,000 manufacturing jobs lost since 2000? Wow.



Pharma: 50,000+ jobs lost since November 2006? Incredible.




Financial: Countrywide to be acquired, Merrill fallout, and now Citi's latest announcement.





From AP:

NEW YORK - Citigroup Inc. lost almost $10 billion in last year's final three months, the largest quarterly deficit in its 196-year history, and slashed its dividend and 4,200 jobs as it recorded a mammoth write-down for bad bets on the mortgage industry.

The reduction of 4,200 jobs in the fourth quarter is in addition to 17,000 layoffs announced in the spring, and chief financial officer Gary Crittenden said during a conference call that more job cuts would be on the way.

A major nor-easter blasted through this week, but no one was prepared for this type of snowstorm. White collar jobs falling from the sky--a layoff blizzard. I guess there's a hole in the red umbrella. How much of this can the economy handle?

To all those losing their positions, take your time in making the next career move. Your experience at Citi gives you experience at a blue chip company. That always counts for something. Talk to recruiters and your families to form a true career development strategy. If people from Enron and Arthur Andersen can do it, certainly you all can weather the storm.