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DOL Exposes Citigroup Plans To Fire Hundreds From Greenwich Street Office
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.
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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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...
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
Saved or created?
With the customary leverage, 41,300 in the black.
Turn out the lights, the Party's over
http://www.youtube.com/watch?v=tsTAUs_h_uY&feature=related
Who woulda thought....
+1... Classic one hh...
Might I suggest Eddie Murphy to play Obama Bin Lyin' aka Barry "The Chump" Soetoro in this hilarious comedy...
better yet....an alien invasion
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.
They also have muslims like Mich el-Bachman and Rique Santorum.
HYPER-MEGA-UnN-(re)CHURN!
Cancuck government is starting the process of laying off the first 10% in a round of layoffs today.
Then another 10% next summer.
The world needs less Bankers. It also provides cover for the Lawyers!!
Ha ha, "plant layoff". As if they actually make stuff. Cute.
They say plant because they are getting rid of a bunch of shit
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
They will be the ass-hats calling you at dinner time to:
"Refinance your home today! Hurry! These low rates won't last!"
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.
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....
perfect. you're hired! (right this way into the psych ward in-patient facility.)
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
You forgot the last item:
"Recent retraining in air conditioner repair"
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.
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.
Another form of clawback. Simple non-issuance of bonuses. Non-issued bonuses drift upwards. System gaming is too easy.
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.
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!
Economic Recovery in progress!
Can you fire an automaton?
Looks like that one guy is pissed, he just set his HFT machine to "flash crash".
He's waiting for the official notice, then its:
Run: HFTStop <Enter>
Bullish for C shareholders.
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.
And while they wait for those rehypothecated jobs to come back, they can shack up with the OWS folks only a few blocks away!
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.
"....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)!
Considering they worked in the banking industry I think it's "newly PRinted 99'ers"
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.
Well over 53% voted for the islamic in 2008. nice job sheep.
They'll be able to do it again if the repubs nominate Rique Hussein Santorum or Mich el-Bachman.
Umm, you do realize that the MSM seems to be anointing either Romney or Newt, right?
Obama's Audacity of Hope = Audacious Mendacity
The audacity of thinking you want four more years of this.
We'll be getting 4 to the nth regardless of which Newt gets air force (w)on.
We don't want Newt or the muslim.
Newt bin Gingrich is a muslim too, just like Mich el-Bachman.
"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?
This is Fight Club, where even the women are men. Except with boobies.
It would be nice to be reading Buiter's Maverecon again.....
How many will put work experience with shCiti on their resume?
"Herro, Shitty Wok, take order prease."
What is that "Lavaflow Inc."?
*Edit* NVM found the info.
The whirling dirvish unwinds, spitting out a few more.
Many bodies will be flung far and wide, the coil has been wound tightly for a long time with no relief. The fan is powered by infinitely rehypothecated fractional reserve fractalian financial culture.
Probably why Bank of America just acquired some Citi Visa accounts
AIDS victms swapping spit.
it's got to suck working at one of those offices where only one person is going to get the axe. you've got to spend you're time looking over your shoulder hoping the other 5 people who work there haven't got together and decided to throw your ass down an elevator shaft out of self preservation.
survival of the bankster fittest...think those guys really jumped off their penthouse roofs three years ago?
These banks are in runoff mode. Little left to wonder about quite frankly. The goal is to stay open as long as the cash flow is there but quite frankly the cash flow and profits are drying up even to the most oblivious.
This is hilarious. Layoff roulette.
financial cannibalism
which way is this bazooka s'posed to point?
at least toysRus is having a BIG sale!
To bad for them....
PLEASE GO TO THE BACK OF THE UNEMPLOYMENT LINE!!!
IT STARTS AT THE SOUP KITCHENS IN THE BACK! WAY BACK!!
ps: Feel free to max out your credit card to buy food and pay down your morgage.... untill your "friends" take your house, your cards and any proud that you still have!
If any of the soon to be fired people is reading this.... :
WHOEHAHAHAHAHAHAHAHAA!!!!
not enough bonuses to go around this year bitchez.
Capitalism commiting suicide?
Proper Capitalism died a while back.
The perverse simulacrum we have now is better off dead.
Here comes the rally. Whew a little late today. I was beginning to get concerned.
In the immortal words of Nelson Muntz; "Ha, Ha!"
I am enjoying their pain, but I feel so guilty!
I am enjoying their pain, but I feel so guilty!
I am sure a lot of these people are average Joes and Janes who are not bad people. If they voted for the marxist Islamic then they contributed to their own demise.
Yeah, you're right, anyone that voted for Chimpy Bush brought it on themselves. (Or did you mean one of the other marxist Islamics like Bill Hussein Clinton or Ron al-Reagan?)
For the recently laid off bankers among us you may click through to the 99 dollar sniper scope conveniently located at the top of the zero hedge home page.
Do you think they'll close their Citi accounts on the way to the unemployment line?
I know I would...
I'll take a slightly different view. Most of these folks are probably clerical and back office people, maybe systems types. They ride to work every morning on the Staten Island Ferry, carry a bag lunch to pinch pennies, and worry about their kids. They took the job because it was what the area in which they lived offered. I doubt they migrated from Iowa to take a clerical job in the Big City. I doubt they are Ivy Leaguers or 1%ers. Their Christmas is not going to be a very happy time. A little empathy wouldn't hurt, unless we are all too far gone from our humanity.
Perhaps they are no different than people laid off all across America, but these are not Structured Finance types or the ones who schlep purposely rancid dross to unsuspecting Bavarian Landesbanks.
Agreed.
I doubt many were the decsion makers who thought leverage upon leverage and comingled accounts were good ideas.
The first, second, third, and even fourth waves are usually the people in the trenches, not the officers or generals or politicians of a company.
Sad that it took 100+ comments to get to these two...
And everyone thinks the den of sociopathy is on Wall St?
Try looking in the mirror...
I doubt these are clerical types - they're probably "brokers" at individual branches. All the banks raised their benchmarks this year, but very few of the sheeple have 1. the cash flow or 2. the sheer stupidity to keep playing the game. Higher benchmarks + lower volume = more fired people.