2118 bank branches closed so far this year with 60,000 layoffs and huge losses. A structural collapse seems close indeed.

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by Lapuamies

I can confirm Citibank is cutting people.  I have a close friend down here in Tampa, FL who works mid-level at Citibank and was just recently transferred over to a brand “newly-created” position.   Not sure where he falls in the pecking order, but judging off his home and comfortable lifestyle, I’d guess his salary is roughly 100-120K per yr….for what it’s worth.

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He referred to the change as a “lateral move” and he starts his new job right after Thanksgiving.

Anyways, when I asked him specifically what some of his new “responsibilities” are, he flat out told me that his new job is to figure out ways to minimize processes and eliminate people.

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If Citibank is doing this, one could safely bet other large banks are doing the exact same thing.

 

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