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# A sign of bad things to come?

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SVP
Joined: 31 Jul 2006
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26 Mar 2007, 10:04
Citigroup may cut 15,000 jobs, and might reduce hiring next year. That can't be good for people looking for jobs next spring.

http://money.excite.com/jsp/nw/nwdt_rt_ ... d8o3udlo0&

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GMAT Club Legend
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Schools: Chicago (Booth) - Class of 2009
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26 Mar 2007, 11:29
awww crap...

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Intern
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26 Mar 2007, 12:11
Ouch... so is the economy headed to recession? That's what i keep hearing.

Maybe i should hold off on the MBA for a while :\

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GMAT Club Legend
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26 Mar 2007, 12:20
Phokus wrote:
Ouch... so is the economy headed to recession? That's what i keep hearing.

Maybe i should hold off on the MBA for a while :\

And apply when everyone doesnt have a job and wants to go to grad school cause no ones hiring?

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26 Mar 2007, 12:28
rhyme wrote:
Phokus wrote:
Ouch... so is the economy headed to recession? That's what i keep hearing.

Maybe i should hold off on the MBA for a while :\

And apply when everyone doesnt have a job and wants to go to grad school cause no ones hiring?

No, apply when there's a sign of a recovery and everyone starts rolling in money and applications drop

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Senior Manager
Joined: 03 Aug 2006
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26 Mar 2007, 12:41
pelihu wrote:
Citigroup may cut 15,000 jobs, and might reduce hiring next year. That can't be good for people looking for jobs next spring.

http://money.excite.com/jsp/nw/nwdt_rt_ ... d8o3udlo0&

Yeah! and my company just announced multi-billion contract with its major customer. Grass might be greener inside....

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Senior Manager
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26 Mar 2007, 13:06
Oh, fantastic news......

Hopefully this is just an aberration and not an economic indicator.

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26 Mar 2007, 13:16
My impression is that this is not an economic indicator. Citigroup has been getting more and more inefficient and is under pressure by some shareholders to get leaner.

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26 Mar 2007, 13:19
gmat_newb wrote:
My impression is that this is not an economic indicator. Citigroup has been getting more and more inefficient and is under pressure by some shareholders to get leaner.

I agree... I have been reading lately about the organization mess at Citi and how some high flying employees have been lavishly spending money resulting in a close scrutiny by the market, board and the management.

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26 Mar 2007, 13:29
Its the housing market you need to worry about. I've been saying it for a while and now of course you start hearing about sub prime lending... but ive been saying it...

I sold my house yesterday for 98.4% of asking price.

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26 Mar 2007, 14:36
I work for Citigroup and can tell you that the job cuts are directly related to the Exec. Mgmt attempt to cut costs. Citigroup has had a negative operating leverage for some time (expenses grow faster than revenues). To stop this trend, Citigroup is trying to get rid of "fat" mostly in layers of management and duplicate positions.
So no, I don't think this is indicative of how economy is doing in the US.

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26 Mar 2007, 15:10
sm176811 wrote:
gmat_newb wrote:
My impression is that this is not an economic indicator. Citigroup has been getting more and more inefficient and is under pressure by some shareholders to get leaner.

I agree... I have been reading lately about the organization mess at Citi and how some high flying employees have been lavishly spending money resulting in a close scrutiny by the market, board and the management.

One of the chief execs was flying around in citi's private jet with Maria Bartiromo from CNBC- he was the first to take the fall after last quarter's earnings were released.

How do you blame the guy though. Maria's Hot!

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Joined: 01 Nov 2006
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26 Mar 2007, 15:27
nervousgmat wrote:
I work for Citigroup ....

nervousgmat, can you tell me anything about Citigroup? I'm mostly interested in working for the community investment division of a large bank like Citi or Chase, but would like to know more in general. If you are willing to share anythihg, that would be great. And maybe post it to the new corporate profiles sub-forum.

thanks!

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26 Mar 2007, 17:17
aaudetat wrote:
nervousgmat wrote:
I work for Citigroup ....

nervousgmat, can you tell me anything about Citigroup? I'm mostly interested in working for the community investment division of a large bank like Citi or Chase, but would like to know more in general. If you are willing to share anythihg, that would be great. And maybe post it to the new corporate profiles sub-forum.

thanks!

Aaudetat,

Honestly, I didn't even know that Citigroup had a community investment division. I work in Citigroup's Global Wealth Management group, and I could certainly tell you about that if you are interested.

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26 Mar 2007, 17:21
nervousgmat wrote:
aaudetat wrote:
nervousgmat wrote:
I work for Citigroup ....

nervousgmat, can you tell me anything about Citigroup? I'm mostly interested in working for the community investment division of a large bank like Citi or Chase, but would like to know more in general. If you are willing to share anythihg, that would be great. And maybe post it to the new corporate profiles sub-forum.

thanks!

Aaudetat,

Honestly, I didn't even know that Citigroup had a community investment division. I work in Citigroup's Global Wealth Management group, and I could certainly tell you about that if you are interested.

Is that like a private wealth management group or private client services area? e.g. \$20MM + liquid accounts?

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27 Mar 2007, 04:57
rhyme wrote:
Its the housing market you need to worry about. I've been saying it for a while and now of course you start hearing about sub prime lending... but ive been saying it...

I sold my house yesterday for 98.4% of asking price.

You are not kidding, I put my house on the market 1.5 months ago. I have had traffic through but it is truly slow for the housing market, especially around DC! I am starting to sweat it out, hoping I sell the house in time.

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GMAT Club Legend
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27 Mar 2007, 05:03
squali83 wrote:
rhyme wrote:
Its the housing market you need to worry about. I've been saying it for a while and now of course you start hearing about sub prime lending... but ive been saying it...

I sold my house yesterday for 98.4% of asking price.

You are not kidding, I put my house on the market 1.5 months ago. I have had traffic through but it is truly slow for the housing market, especially around DC! I am starting to sweat it out, hoping I sell the house in time.

The DC market is insane. 2bd street level condo's with windows facing Wisconsin Ave going for \$800,000+. I think you are right to try and sell.

I had my place on the market for about 1 month before it sold. It was an incredibly hard decision because I know that renting is actually going to cost me more than buying for the next two years, and that I'm not going to be able to live where I am now - which is insanely convenient. But there are positives as well. (notably, the cash and the fact that if I end up moving post mba, I'm not scrambling to sell in what might be a down market)

edit: What school is that in your profile pic squali?

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27 Mar 2007, 05:23
rhyme wrote:
squali83 wrote:
rhyme wrote:
Its the housing market you need to worry about. I've been saying it for a while and now of course you start hearing about sub prime lending... but ive been saying it...

I sold my house yesterday for 98.4% of asking price.

You are not kidding, I put my house on the market 1.5 months ago. I have had traffic through but it is truly slow for the housing market, especially around DC! I am starting to sweat it out, hoping I sell the house in time.

The DC market is insane. 2bd street level condo's with windows facing Wisconsin Ave going for \$800,000+. I think you are right to try and sell.

I had my place on the market for about 1 month before it sold. It was an incredibly hard decision because I know that renting is actually going to cost me more than buying for the next two years, and that I'm not going to be able to live where I am now - which is insanely convenient. But there are positives as well. (notably, the cash and the fact that if I end up moving post mba, I'm not scrambling to sell in what might be a down market)

edit: What school is that in your profile pic squali?

I am selling because I really do not want to deal with the headache of renting my house out. Plus, I imagine it would be tough to even cover the mortgage by renting. It is also nice to rent, as you noted, because it gives you flexibility after B-school. I just hope my house will sell by the time I need to leave! As for the school in the picture, it is Rice. I decided to attend there over Vanderbilt.

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27 Mar 2007, 05:46
I need to sell my house, too
I am actually ready to accept that this is a buyer's market. NO! not really!

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27 Mar 2007, 05:49
IÂ´ll keep my house. I like it and it will provide compelling evidence to immigration that I intend to return home and not overstay in the US.

Cheers. L.

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27 Mar 2007, 05:49

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