Monday, March 26, 2007

Citibank Cutting Jobs to Appease Shareholders?


The irony is that I read this article after a half-hour on the phone with a Citibank customer service rep who didn't seem to realize that there were Citibank branches in New York City. Nor could she explain why my replacement card for the one that's about to expire wasn't sent out...and the word VAPID doesn't really quite capture her essence...

But I digress.

The fact is that according to the above mentioned article, it appears that Citigroup, Inc., is considering cutting about 15,000 jobs - and most of them from the customer service sector...and it's to appease shareholders of the company who are bitching that the company isn't making enough money and so their stocks aren't as groovy as they'd like.

My experience today with their customer service, as with a lot of theirs, actually, is that if they start cutting THAT part of it, they're going to screw themselves royally, because that part is already suffering. I like my bank. My parents have been banking with Citibank ever since I was wee, and it makes sense that I bank there. I dig it, for the most part (trust - I've used several different ones, and so many of them SUCK).

But what gets me is that they're talking about just cutting jobs like it's no big deal. A bunch of shareholders sit around like the Queen of Hearts in Alice in Wonderland shouting "Off wiff der 'eads!" and nobody bats an eye. And this happens all the time in Corporate America.

Of course, I'm writing this from the my desk at a Corporate America I best be off before my head rolls downhill as well.


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