Monday, 17 November 2008

Citigroup to fire 50,000

The Times is calling it the largest corporate cull in history. However, what are we to make of this quote from Sir Win Bischoff, chairman of Citigroup:

"What all of us have done, and perhaps injudiciously, we’ve added a lot of people over this very benign period."

Sir Win is also predicting heavy job losses in London.


dublin lizzy said...

They hired them by accident.

Anonymous said...

More good news:

British court ruling increases risk of home repossession

By Mike Head
17 November 2008

A British court ruling allowing lenders to seize properties after only two missed mortgage payments has made a mockery of claims by the Brown government to be protecting ordinary people from losing their homes.

For the rest please go to:


Nick von Mises said...

Last I heard, the judiciary was supposed to be independent of the government and thus quite able and willing to make a mockery of them as necessary.

Not saying I AGREE mind. Though "losing your home" is a cry-me-a-river-so-what issue when you can just go and rent like many normal people do.

Anonymous said...

Oh goody, goody! We won't miss these people one jot. If they feel frustrated or bored, then just go and start a REAL business and actually add some value to the world. Turds!

mike said...

Many large companies employed 'contractors' during the good times. Many in my experience worked fraudulently w.r.t IR35 ruling and were making typically 2 times the money of a permanent member of staff. I have seen as much as 30% of some companies made up of contractors. Now they can quickly get rid of these people by not renewing the contractors. The only problem is they are leaving behind rot because the people (in my experience) who became contractors were brighter people. Also the rot left behind became lazy and did not want to do the work of the contractor. Now the table has turned and things are going to get ugly when they find the people left behind unable to do the jobs the contractors did. Also HMRC are sure to start chasing some of these contractors due to the billions in tax shortfalls.

Anonymous said...

Nice addition Mike. Magnified across the whole of the financial sector this brain drain and increased work loads will really dent British productivity, at a time it should be looking to improve.