Tag Archive | "job loss"

Corruption in the Workforce

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Here’s some fabulous trivia, no sarcasm in that statement of course. According to a poll of 5,000 U.S. workers, 74% discovered “misconduct” within their place of business with colleagues who will do “whatever it takes” to achieve business goals.

More than half of workers in banking and finance industries reported trouble in big business paradise. According to The National Law Journal, 60% claim to have seen actions that “could cause a significant loss of public trust if discovered.”

“Restoring trust and confidence in the integrity of our capital markets and institutions will require business leaders to build corporate cultures that reward ‘doing the right thing,’ instead of ‘doing whatever it takes,’ ” said Richard H. Girgenti, national leader for KPMG’s Forensic practice.

“Too often, organizations create compliance programs that look good on paper, but don’t align with how business really gets done,” added Girgenti, also claiming that the tough economy and fears of job losses can undermine ethics programs just when restoring public trust is vital.

“The KPMG data suggest that managers and employees facing heightened pressure to meet revenue and cost targets may resort to improper means of doing so, especially if they think their jobs are in jeopardy if they miss those goals,” he said. “With so much on the line, now is not the time for companies to cut back on the very investments that are designed to safeguard their reputation for integrity.”

Popularity: 7% [?]

Citigroup Inc. Cutting Corners

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Laying off an enormous amount of people is Citigroup Inc. Shutting its doors on 53,000 more employees in the coming quarters, the bank is struggling to stay afloat after losing huge amounts of money due to debt. Having already reduced its assets by roughly 20 percent in the beginning of the year, the New York-based bank plans to cut corners by 19 percent come 2009.

Eliminating 22,000 jobs is no laughing matter. Citigroup also plans to sell Citi Global Services and its German retail banking business. That alone ensures the loss of 18,000 jobs. And what’s worse…they are cutting other businesses but haven’t announced which ones, yet. So, if you are a Citigroup employee, your days may be numbered.

Popularity: 2% [?]

Law Firms Letting Go

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Our economy is melting away jobs for lawyers. Slow practice areas include real estate, mergers and acquisitions and capital markets. If you are a lawyer working in that area, beware. For example, at Chicago based Bell Boyd & Lloyd, 10 associates were let go.

“Like many firms, Bell Boyd is facing unprecedented market conditions and we are taking measures to ensure the firm’s efficient operation and growth,” said Managing Partner Nancy Bertogio in a prepared statement. “This is a belt-tightening measure that will put us in a better position to ride out the economic storm and remain competitive in what we expect will be a challenging business environment for law firms and our clients.”

Popularity: 4% [?]

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