Citigroup Lay-offs Has Head of HR Leaving for JPMorgan ChaseNovember 26th, 2008
Well, it’s certainly not a Happy Thanksgiving for people at Citigroup. I’m sure by now you’ve heard they are cutting around 52,000 jobs worldwide (and possibly more). They announced this on November 17th. Yikes. This financial debacle seems to keep getting uglier by the minute! I truly do NOT envy President elect Obama with the horrible economic mess he’s being handed.
Could Bush have done a worse job? Don’t get me started…
Anyway, it looks as though Citigroup’s head of human resources, John Donnelly, is heading to JPMorgan Chase, after 30 YEARS with Citi. He will assume a similar role at JPMC.Â
I’m sure heading HR at Citigroup wasn’t as much fun as it used to be after the Wall Street crash occurred.
And Paul McKinnon, who was hired earlier this year as Citi’s Head of Talent Management, will move into Donnelly’s vacant position as the new head of HR.
Here’s one comment on Donnelly’s departure:
Bringing Donnelly on is a good move for JPMorgan, said Gustavo Dolfino, president of the Whiterock Group, a New York-based executive service firm that specializes in financial services.
â€œHe isnâ€™t just about blocking and tackling,â€ Dolfino said. â€œHe has knowledge of the business.â€
Donnellyâ€™s departure is also indicative of the challenges Citigroup may face as it attempts to recover, Dolfino said.
â€œThere is a lack of confidence in their ability to survive this, and many more will follow,â€ he said. â€œThere are Citigroup CVs all over the Street.â€
To read the whole article that I did about this, click here.
And, on a happier note, my best to you and your loved ones for a wonderful Thanksgiving! It’s tough out there but we will all get through it.
Bye for now,
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