Citigroup will shed 20,000 jobs

January 15 – Over the weekend, Citigroup announced a $1.8 billion loss in their most recent quarter and as part of that, they plan to cut 20,000 jobs. 

The layoffs will begin now and run through 2026. 

Attorney Clint Barkdoll noted, “There are hundreds of local employees at Citi, we know they had that big campus by the airport that closed years ago. Long before COVID and long before remote work was a thing, Citi was doing that here locally in a big way. Unfortunately, in light of this announcement, it’s likely a lot of local city employees are going to be at risk of losing their job.”

Citigroup is a national company and has not announced yet where the cuts will occur. 

Barkdoll said, “This represents roughly 10% of their total workforce.”

Paul Frey, president of the Washington County Chamber of Commerce recalled, “We probably had 2,500 people working in office buildings a few years ago here in Washington County and they closed up shop and had everyone working from home. So we had about 900 employees here in Washington County working from home, and I’m not sure how that impacts them, I’m guessing it’s going to. I mean 20,000 is a big number. There’s talk about reducing costs and their profits where they’re supposed to be and there’s competitors. I guess the jobs are just going away.”

Pat Ryan of NewsTalk 103.7FM pointed out, “On the other side, there are a lot of jobs to be had out there. It may not be the ideal gig where you want to land, but there’s a place for you to land.” 

Frey said, “We’ve had over the past three years an additional couple of million people who were laid off that started their own businesses or started working for themselves. This may be another similar opportunity or maybe time to shift gears and maybe get into another industry that might be related or not. We have Hagerstown Community College here. It may be time to just up your education and tweak that a bit. It’s not easy if you’re one of those folks laid off. However, there are opportunities. There’s lots of jobs out there, but it is stressful when you get laid off.”

Jim Kercheval, executive director of the Greater Hagerstown Committee, said, “Most of those workers work from home. They’ve transitioned out of that for the last several years, but still it’s still employment. So we wish the best for our local workers here and hopefully they’ll be able to retain those positions.”

Ryan said, “You can certainly find a gig if you want a gig around here.” 

Kercheval confirmed, “There’s plenty of openings. I think it depends on skill level and as well as your income levels. Sometimes it’s easy to find a position. It might be harder to match something if you’ve been for years at the same place with seniority, but there’s plenty of groups that will help with that as well. Our Western Maryland Consortium, that’s one of the big things they do is whenever a company shuts down, they’ll go in and try to meet with the employees of that company and try to help them with training, connect them to some federal grants that might help pay for some retraining or reentry programs. They also keep abreast of who’s hiring and who isn’t. So there’s plenty of resources I encourage you to reach out to, but we still have a lot of job openings in Washington County.”