Citigroup’s bad news: 50,000 job cuts
People across the globe will soon be feeling the effects of Citigroup’s latest round of job cuts – if they haven’t felt them already.
As the company cuts back 50, 000 jobs worldwide in an effort to reduce employees by 14%, there will also be a reduction to the 2, 500 strong Australian Citigroup workforce, with some job cuts already taking effect.
This is just the latest addition in a string of stories resulting from the global financial crisis, and these pieces of bad news aren’t likely to slow down any time soon. Not only does the Citigroup example show the volatility of today’s business environments, it also reminds us all of our place in the global business sector.
Whether we like it or not, Australian businesses are inexorably linked to the global stage. Rather than keep this factor in a blind spot, organisations, no matter how large or small, should remain both aware of, and active in, the global sector.
The best starting point for this world-wide engagement is through the world-wide-web. As our lives become more and more effected by the world beyond our doorsteps we can’t just sit back and carry-on with traditional ‘business-as-usual’; the many ways in which we engage with that world outside also have to change.
As a community saavy to the trends in the global marketplace, ZaaBiz member and finance professional Duncan Arkinson has founded the Global Crisis Group on ZaaBiz. We hope that, in time, this group will help to increase practical communication about the crisis amongst ZaaBiz members, and act as a place to raise ideas, concerns and questions in this time of economic hardship.
Signing off,
Louise.
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