DOL Exposes Citigroup Plans To Fire Hundreds From Greenwich Street Office

Tyler Durden's picture

A few days ago, Citigroup announced it would lay off 4500 bankers around the world, although with nothing more definitive, the bank's employees likely thought that "out of sight means out of mind", especially with the holiday season days away. To their chagrin, our latest favorite website, the Department of Labor's "WARN" site, which usually well ahead of various HR offices will advise New York bank employees how many and which office are going to lay people off. Sure enough, here is Citigroup, with just disclosed plans to fire 413 people, with full breakdown by which offices are to be affected. If you are one of the several hundred to be laid off from the 388/390 Greenwich location, our condolences: fear not - the economy is getting better; after all last week initial claims for unemployment benefits literally tumbled meaning the re-depression is now over. You will be back working in the comfortable confines of infinitely rehypothecated fractional reserve banking in no time.

From WARN:

Date of Notice:    12/9/2011                                                                           

Control Number: 2011-0183

Rapid Response Specialist :  Linda Foehr

Reason Stated for Filing:  Plant Layoff        

Company:  Citigroup Inc. and its NY Subsidiaries

Various locations in NYC

New York, NY

County: New York | WIB Name: NEW YORK CITY| Region: New York City

Contact:                  Sheri Paulo, Director of Employee Relations                                                             

Phone: (415) 658-4507

Business Type:  Financial institution

Number Affected:  413    

Total Employees:                  -----     

Layoff Date:  9/1/2011-12/31/2011             

Closing Date:  -----                             

Reason for Dislocation:  Economic

ERNUM:  -----

Union:  No union represents these employees and there are no bumping rights applicable to the terminated employees.          

Classification:  Plant Layoff

Other Affected Citigroup locations:

  • Citigroup Global Markets Inc. 390 Greenwich Street, NY, NY 10013 – 117 affected
  • Citigroup Global Markets Inc. 388 Greenwich Street, NY, NY 10013 – 80 affected
  • Citicorp North America Inc. 388 Greenwich Street, NY, NY 10013 – 15 affected
  • Citigroup Technology Inc.  388 Greenwich Street, NY, NY 10013 – 8 affected
  • CITIBANK N.A. 388 Greenwich Street, NY, NY 10013 – 33 affected
  • LavaFlow Inc. 388 Greenwich Street, NY, NY 10013 – 2 affected
  • CITIBANK N.A. 390 Greenwich Street, NY, NY 10013 – 9 affected
  • Citicorp North America Inc. 390 Greenwich Street, NY, NY 10013 – 2 affected
  • Citigroup Technology Inc.  390 Greenwich Street, NY, NY 10013 – 7 affected
  • Automated Trading Desk LLC 388 Greenwich Street, NY, NY 10013 – 1 affected
  • CITIBANK N.A. 1 Court Square Long Island City NY 11120 – 22 affected employees
  • Citigroup Global Markets Inc. 1 Court Square, Long Island City NY 11120 – 3 affected
  • Citigroup Management Corp. 1 Court Square, Long Island City, NY 11120 – 1 affected
  • Citigroup Technology Inc. 1 Court Square, Long Island City, NY 11120 – 5 affected
  • CITIBANK N.A. 111 Wall Street, New York, NY 10005 – 9 affected
  • Citicorp North America Inc. 111 Wall Street, New York, NY 10005 – 1 affected
  • Citigroup Global Markets Inc. 111 Wall Street, New York, NY 10005 – 15 affected
  • Ctitgroup Inc. 111 Wall Street, New York, NY 10005 – 1 affected
  • Citigroup Technology Inc. 111 Wall Street, New York, NY 10005 – 3 affected
  • Citigroup Global Markets Inc. 114 7th Avenue, Brooklyn, NY 11215 – 1 affected
  • Citigroup Global Markets Inc. 115 East 23rd Street, NY NY 10010 – 1 affected
  • Citigroup Global Markets Inc. 120 Broadway, NY, NY 10005 – 1 affected
  • CITIBANK N.A. 127 Hudson Street, NY, NY 10013 – 1 affected
  • Citigroup Global Markets Inc. 127 Hudson Street, NY, NY 10013 – 1 affected
  • Citigroup Global Markets Inc. 14 Wall Street NY, NY 10005 – 1 affected
  • Citigroup Global Markets Inc. 145-42nd Street, NY, NY 10017 – 1 affected
  • Citigroup Global Markets Inc. 1528 Sheepshead Bay Road, Brooklyn NY 11235 – 1 affected
  • CITIBANK N.A. 164 Canal Street, NY, NY 10013 – 1 affected
  • Citigroup Global Markets Inc. 170 W. 72nd Street, NY, NY 10023 – 1 affected
  • Citigroup Global Markets Inc. 171 E. 72nd Street, NY, NY 10023 – 1 affected
  • Citigroup Global Markets Inc. 1970-92 Ralph Avenue, Brooklyn, NY 11234 – 1 affected
  • Citigroup Global Markets Inc. 25-47 Parsons Blvd, Flushing, NY 11354 – 1 affected
  • Citigroup Global Markets Inc. 2861 Broadway, NY, NY 10025 - 1 affected
  • CITIBANK N.A. 330 Madison Avenue, NY, NY 10017 – 1 affected
  • Citigroup Global Markets Inc. 330 Madison Avenue, NY, NY 10017 – 1 affected
  • CITIBANK N.A. 38-17 Main Street, Flushing NY 11354 – 1 affected
  • Citigroup Global Markets Inc. 38-17 Main Street, Flushing NY 11354 – 1 affected
  • CITIBANK N.A. 399 Park Avenue, NY, NY 10022 – 2 affected
  • Citigroup Global Markets Inc 399 Park Avenue, NY, NY 10022 – 5 affected
  • Citigroup Global Markets Inc. 411 Fifth Avenue, NY, NY 10011 – 2 affected
  • Citigroup Technology Inc.  425 Park Avenue, NY, NY 10022 – 2 affected
  • CITIBANK N.A. 485 Lexington Avenue, NY, NY 10017 – 7 affected
  • Citigroup Management Corp 485 Lexington Avenue, NY, NY 10017 – 1 affected
  • CITIBANK N.A. 52 East 14th Street, NY, NY 10003 – 1 affected
  • Citigroup Global Markets Inc. 555  Laguardia Place, NY, NY 10012 – 1 affected
  • Citigroup Global Markets Inc. 5671 Riverdale Avenue, Bronx, NY 10471 – 1 affected
  • Citicorp North America Inc. 601 Lexington Avenue, NY, NY 10022 – 1 affected
  • Citigroup Global Markets Inc. 601 Lexington Avenue, NY, NY 10022 – 1 affected
  • Citigroup Technology Inc. 601 Lexington Avenue, NY, NY 10022 – 1 affected
  • CITIBANK N.A. 640 Fifth Avenue, NY, NY 10019 – 1 affected
  • Citigroup Global Markets Inc. 640 Fifth Avenue, NY, NY 10019 – 1 affected
  • CITIBANK N.A. 666 Fifth Avenue, NY, NY 10103 – 18 affected
  • Citigroup Global Markets Inc. 757 Madison Avenue, NY, NY 10021 – 1 affected
  • Citigroup Global Markets Inc. 79 5th Avenue, NY, NY 10003 – 1 affected
  • Citigroup Global Markets Inc. 800 3rd Avenue, NY, NY 10022 – 1 affected
  • Citigroup Global Markets Inc. 80-19 Roosevelt Avenue, Jackson Heights, NY 11372 – 1 affected
  • Citigroup Global Markets Inc. 836 Manhattan Avenue, Brooklyn, NY 11222 – 1 affected
  • CITIBANK N.A. 909 Third Avenue, NY, NY 10022 – 1 affected
  • CITIBANK N.A. NY Telecommuter – 1 affected
  • Citigroup Technology Inc. NY Telecommuter – 8 affected
  • CITIBANK N.A. Two Mott Street, NY NY 10013 – 1 affected

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GeneMarchbanks's picture

Bonus Season bitchez!

'You will be back working in the comfortable confines of infinitely rehypothecated fractional reserve banking in no time.'

Sheeeee-ayyyt! Tyler no likey Citi...

Clueless Economist's picture

In order to break the back of unemployment, the US needs to print more $ and take on more debt to fund millions of shovel ready jobs and to fix our aging infrastructure.

--PK

hedgeless_horseman's picture

 

 

Number Affected: 413

Saved or created?

blu's picture

With the customary leverage, 41,300 in the black.

hedgeless_horseman's picture

 

 

"I had the most absurd nightmare. I was poor and no one liked me. I lost my job, I lost my house, Penelope hated me and it was all because of this terrible, awful Negro.

  

-Louis Winthorpe, III

 

Problem Is's picture

+1... Classic one hh...

Might I suggest Eddie Murphy to play Obama Bin Lyin' aka Barry "The Chump" Soetoro in this hilarious comedy...

Freddie's picture

Krugman loves America's muslim in the white hut.  Typical Democrat criminals.  Sadly not all Repubs are like Ron Paul.  At least the Repubs have a Ron Paul.

TheFourthStooge-ing's picture

They also have muslims like Mich el-Bachman and Rique Santorum.

 

CPL's picture

Cancuck government is starting the process of laying off the first 10% in a round of layoffs today.

Then another 10% next summer.

philipat's picture

The world needs less Bankers. It also provides cover for the Lawyers!!

Biggvs's picture

Ha ha, "plant layoff". As if they actually make stuff. Cute.

junkyardjack's picture

They say plant because they are getting rid of a bunch of shit

CrazyCooter's picture

I notice they are not union either. Win some, lose some!

I bet they can find work producing real wealth in no time; "Would you like fry's with that?", "Welcome to WalMart!", and my personal favorite "I have many years of experience driving exotic sports cars sir, I will park it professionally!".

Regards,

Cooter

Problem Is's picture

They will be the ass-hats calling you at dinner time to:

"Refinance your home today! Hurry! These low rates won't last!"

vast-dom's picture

THEY MAKE PLENTY OF DESTRUCTION BANKRUPTCY REHYPOTHECATION CANCER DISEASE ETC. AND THEY SUCK UP USEFUL OXYGEN! ALL WHILE "BACKGROUND CHECKING" YOU AND NOW THEY'RE INSOLVENT AND ASSED OUT FOR XMAS! ENJOY THE FRUITS OF YOUR ILLICIT DUPLICITIOUS SHITTY LIVES.

fonestar's picture

One can only laugh at how these people's CV will look to the informed in five years time?

 - Excellent interpersonal and client gaffing skills

 - Able to rehypothecate client funds at one-thousand times margin

 - Strong comingling skills and adapt at off-balance sheet obfuscation

 - Works well in sociopathic environments with strong narcissist tendencies

 

etc, etc, etc....

vast-dom's picture

perfect. you're hired! (right this way into the psych ward in-patient facility.)

fonestar's picture

Great!  I forgot to mention I have strong computer programming skills as well:

 

if {ramp_cnbc_headlines > i++} do;

buy {S&P+DOW *nth};

else { dump_all } && >> dev_null;

done

chet's picture

You forgot the last item:

"Recent retraining in air conditioner repair"

blu's picture

If they call it a plant layoff then the statistical hit is credited against the hated blue collar manufacturing sector, sparing the valuable financial sector elites from bad news.

These guys, never miss a bet. It's no wonder they get to be king.

CPL's picture

Reason Stated for Filing:  Plant Layoff 

 

I had to double check...I would guess they don't get paid Employment insurance if it's not a "plant".  Who knows nowadays.  The shit is so thick out there the boots quit years ago.

jiggerjuice's picture

Another form of clawback. Simple non-issuance of bonuses. Non-issued bonuses drift upwards. System gaming is too easy.

blu's picture

Clawbacks is just the top wolves eating the lesser wolves. Us sheep remain on the menu for later.

But it's still fun to watch them killing each other.

willien1derland's picture

I am certain that someone is working on the White Paper for a new FASB rule 'BITCHES'- BONUS IN TOTAL CIRCULAR HOLDINGS ENCUMBERED SEGREGATION- aka-->'Fully REFUNDABLE Bonuses Allowance' - the newest & fastest growing footnote to US Bank's financial reports!

junkyardjack's picture

Economic Recovery in progress!

Lord Welligton's picture
  • Automated Trading Desk LLC 388 Greenwich Street, NY, NY 10013 – 1 affected
  • Can you fire an automaton?

    Village Smithy's picture

    Looks like that one guy is pissed, he just set his HFT machine to "flash crash". 

    firstdivision's picture

    He's waiting for the official notice, then its:

    Run: HFTStop <Enter>

    slaughterer's picture

    Bullish for C shareholders.   

    blunderdog's picture

    These locations would be good places to stake out for interviews with the folks being cut.  Perhaps someone could even be convinced to release sensitive info about the soon-to-be-former employers.

    bania's picture

    And while they wait for those rehypothecated jobs to come back, they can shack up with the OWS folks only a few blocks away!

    Bazooka's picture

    Getting laid off is never a pleasant experience....but it can be a good experience.....it toughens you, it hardens you..many have looked for work for months and years...even to to the point of having a meltdown in their living rooms after learning that no more benefit checks will come.....

    Be tough, be hardened....oh you newly minted 99-ers.

    SuSpencer's picture

    "....newly minted 99-ers."

     

    It's criminal that you've gotten less than 10 Upvotes for that one.  That is the best 3-worded phrase I've heard in a while (and we get some great ones around here)!


    bania's picture

    Considering they worked in the banking industry I think it's "newly PRinted 99'ers"

    SilverRhino's picture

    Been laid off / outsourced twice in the last 15 years (fight club for the employed).   First time sucked.   Second time saw it coming and fucked the outsourcing company.   Damn right it toughens you up.   

     

    Freddie's picture

    Well over 53% voted for the islamic in 2008.  nice job sheep.

    TheFourthStooge-ing's picture

    They'll be able to do it again if the repubs nominate Rique Hussein Santorum or Mich el-Bachman.

     

    StychoKiller's picture

    Umm, you do realize that the MSM seems to be anointing either Romney or Newt, right?

    Bazooka's picture

    Obama's Audacity of Hope = Audacious Mendacity

    Everybodys All American's picture

    The audacity of thinking you want four more years of this.

    prains's picture

    We'll be getting 4 to the nth regardless of which Newt gets air force (w)on.

    Freddie's picture

    We don't want Newt or the muslim. 

    TheFourthStooge-ing's picture

    Newt bin Gingrich is a muslim too, just like Mich el-Bachman.

     

    Dr. Engali's picture

    "You will be back working in the comfortable confines of infinitely rehypothecated fractional reserve banking in no time"

     

    Tyler you're a cruel man... Funny,but cruel. You are a man aren't you?

    blu's picture

    This is Fight Club, where even the women are men. Except with boobies.

    canuck's picture

    It would be nice to be reading Buiter's Maverecon again.....