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Massive Layoffs Begin at Citigroup, Goldman Sachs

November 6, 2008
Related Topics: Career Development, Downsizing, Employee Career Development, Workforce Planning, Latest News
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Citigroup Inc. and The Goldman Sachs Group Inc. began handing out pink slips to a combined total of 12,000 workers this week, according to published reports.

New York-based Citigroup has begun notifying its employees who were affected by its plan to slash 9,100 positions over the next 12 months, or about 2.6 percent of its 352,000-person workforce, according to Bloomberg.

During the past year, the company has disclosed plans to cut 22,000 jobs, resulting in expenses of about $2.1 billion.

Goldman told 3,200 employees, or 10 percent of its workforce, that they were being let go, according to Reuters.

Earlier in the year, New York-based Goldman said it would let 1,500 employees go due to poor performance.

Representatives from Citigroup and Goldman neither confirmed nor denied the report.

Filed by Aaron Siegel of Investment News, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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