I have one way of reducing job stress: lose the job.
9,000 employees of Citigroup are about to have their job stress eliminated.
Citigroup, caught in the midst of the housing slowdown and tight credit market, reported a $5.1 billion loss on Friday and announced that it would cut 9,000 more jobs in the next 12 months.
The layoffs are in addition to the 4,200 cuts announced in January, the bank said during its conference call.
This was apparently considered good news on Wall Street. When a $5.1 billion loss is not a surprise, it's time to pop the cork on a bottle. Now we know!
Citigroup, the nation's biggest bank, encouraged investors after posting results that didn't contain any big surprises.
In midday trading, the Dow jumped 264.61, or 2.10 percent...
Another 4,600 employees of AT&T are on course for some involuntary workplace stress reduction techniques as well.
And for many people who have jobs and may get to keep them, there's still a financial hardship when you are working fewer hours.
Not long ago, overtime was a regular feature at the Ludowici Roof Tile factory in eastern Ohio. Not anymore. With orders scarce and crates of unsold tiles piling up across the yard, the company has slowed production and cut working hours, sowing worry and thrift among its workers.
“We don’t just hop in the car and go shopping or get something to eat,” said Kim Baker, whose take-home pay at the plant has recently dropped to $450 a week, from more than $600. “You’ve got to watch everything. If we go to town now, it’s for a reason.”
So, as Bush might say, party on! Things are looking brighter!