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Major Layoffs Can Benefit Your Own Recruiting Efforts

We saw this article on Yahoo.com

Citigroup to Cut 17,000 Jobs
Wednesday April 11, 1:00 pm ET
By Eileen Alt Powell, AP Business Writer

Citigroup to Eliminate 17,000 Jobs As Part of Cost-Saving Restructuring

NEW YORK (AP) — Citigroup Inc., the nation’s largest financial institution, said Wednesday it will eliminate about 17,000 jobs as part of a companywide restructuring to reduce costs and improve profit.That amounts to about 5 percent of the bank’s 327,000-strong work force. Citigroup said its plans include “shrinking the size of corporate centers,” several of which are in New York. It also expects to move some 9,500 jobs to lower-cost locations.Still, the elimination of the jobs won’t reduce the bank’s work force, but merely slow its growth, Citi executives said.Robert Druskin, Citi’s chief operating officer who developed the restructuring plan over the past three months, told a conference call with Wall Street analysts they should expect Citi’s headcount to grow this year because of acquisitions and plans to open new branches, especially overseas.”But that rate of growth will be at a significantly diminished rate,” Druskin said.For the rest of this article visit Yahoo.com http://www.citigroup.com
Corra hates to see mass layoffs. It’s bad for business, bad for the country, and bad for Corra. We dare say a fair portion of these jobs will go offshore where we will be subjected to even more delays, miscommunication, ugly attitudes and poor English.Nevertheless, that’s the way of the world today, the great global economy. We hope other companies benefit from the type of layoffs exhibited at Citigroup by recruiting employees who will prove an asset to their companies. Citigroup’s loss may prove your gain.Needless to say, any recruit should undergo a preemployment screening program. You should always run a criminal background check; that goes without saying. A credit report and education verification are important factors for a preemployment screening program, as well.

Take to heart what Corra advises–check them out before you hire.

By Gordon Basichis

Gordon Basichis is the Co-Founder of Corra Group, specializing in pre-employment background checks and corporate research. He has been a marketing and media executive and has worked in the entertainment industry, the financial, health care and technology sectors. He is the author of the best selling Beautiful Bad Girl, The Vicki Morgan Story, a non-fiction novel that helped define exotic sexuality in the late twentieth century. He is the author of the Constant Travellers and has recently completed a new book, The Guys Who Spied for China, dealing with Chinese Espionage in the United States. He has been a journalist for several newspapers and is a screenwriter and producer.