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CIO Executive Council

A Peer-Advisory Service and Professional Association for CIOs

Webcast: In the Google Apps Cloud: How to Achieve Your Business Objectives

Dec 3rd, '09, 1 - 2 pm US/Eastern (GMT-5)

Join Council member Brent Hoag, Director, Global IT, at JohnsonDiversey, as he discusses the adoption of Google Apps which has helped meet four corporate goals; sustainability, simplification, increased employee productivity and global collaboration.

Webcast: Collaboration Initiatives: Benchmarks & Best Practices

Dec 15th, '09, 4 - 5 pm US/Eastern (GMT-5)

Join Council members Ruth Thorpe, VP & CIO at the U.S. Pharmaceutical Operations of Sanofi-Aventis, and Gary Kuyper, CIO at Bethany Christian Services, as they speak about their collaboration initiatives and experiences in how and why they chose the social networking and collaboration tools they are using and their business goals for collaboration, and facing culture change challenges.

Data Overview: Collaboration Initiatives Field Guide: Benchmarks & Best Practices

This appendix to the Council Field Guide provides an analysis which discusses benchmarks for collaboration IT implementation costs, adoption rates and payoffs. The overview identifies top IT and business goals and satisfaction rates for collaboration initiatives as well as best practices and lessons learned for implementing collaboration IT.

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News

Citigroup Layoff Could Decimate IT Jobs

On Monday, Citigroup announced it would cut 52,000 jobs over the next few months in a dramatic cost-cutting move.

Financial Industry Meltdown: What's in Store for IT Execs and Staffers

Shotgun Mergers in Financial Services Put IT Teams to the Test

Wall Street Beat: Bad News Gets Worse for IT

The financial giant said on Monday it was planning to reduce headcount by a staggering 52,000 employees over the next few months—the largest reduction by a company since IBM's layoffs of 60,000 employees back in 1993, and the 50,000 cuts by Sears that same year, says executive outplacement firm Challenger, Gray & Christmas Inc.

Citigroup's latest round comes on top of the 17,000 cuts that the company has already made in the first three fiscal quarters of this year.

The goal now is to pare down the workforce from its current level of 352,000 to about 300,000 employees worldwide, Citgroup CEO Vikram Pandit said in an investor presentation (PDF) posted on the company's Web site today.

That target number is nearly 75,000 lower than the workforce of 375,000 employees at Citigroup as recently as the fourth quarter of 2007.

About half of the reduction will come from Citigroup's divesture of non-strategic businesses, and the rest will come from layoffs that either already have been announced or are being planned, Citigroup said. "We entered 2008 with more people, more businesses and more assets than fit our strategy," Pandit said in the presentation. "We expect near-term headcount to be down 20 percent in order to run the company in the right way."

The move is part of a wide ranging effort to improve operational efficiencies and slash expenses at the financially troubled financial giant, reducing Citigroup's operating expenses from the nearly $62 billion it spent over the last year to between $50 billion and $52 billion. "There is nothing easy about these decisions and the impact on our people. We do this because we must and not because we want to," Pandit said.

No details have been released yet on where the job cuts will come from, or what job functions might be most affected. But TowerGroup analyst Guillermo Kopp said to expect a fair share of them to involve IT functions.

Citigroup has previously disclosed its plans to derive some major cost reductions from its multi-billion dollar 25,000 person IT organization. Last year, before Pandit became CEO, Citigroup announced that it would be overhauling its IT functions via a series of data center consolidations, better use of existing technologies, optimization of global voice and data networks, standardization of its application development processes, and vendor consolidation.