April 11th, 2007
CNBC Bonus Bucks News Trivia: Citigroup unveiled a new restructuring plan this morning that will eliminate how many jobs?
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The news trivia question for Wednesday, April 11:
Citigroup unveiled a new restructuring plan this morning that will eliminate how many jobs?
Citigroup to slash 17,000 jobs – Yahoo! News
Citigroup Inc. (NYSE:C – news) on Wednesday said it will eliminate 17,000 jobs, or about 5 percent of its workforce.
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Citigroup is taking the wrong action for its situation. The company has taken its eye off the market the last few years as it focused too much on compliance. Now it needs to revitalize the innovation which made the company great by reinforcing and better managing its many White Space projects. Instead, it is slashing costs with lay-offs, office shutdowns, project shut-downs, and centralization. This will only lock-in the existing model which is not as competitive as it used to be – because competitors have moved ahead of Citi. Read more analysis at http://www.ThePhoenixPrinciple.com