Global banking giant Citigroup celebrated it's 200th birthday by announcing it is cutting 11,000 jobs. Many of these soon to be former employees will be from operations and other non-revenue producing spaces in the company. The move should save Citi $1 billion a year in salaries and expenses.
Investors were ecstatic with the news of layoffs this morning and rewarded CEO Manuel Medina-Mora with a $2 million increase in the valuation of his stock holdings. This in a matter of mere minutes.
Mr. Medina-Mora began his career with Banamex in 1971 after earning a bachelor's degree in business administration from the Universidad Iberoamericana in Mexico. The son of a surgeon, the current CEO was a third generation worker at Banamex.
He went on to earn his M.B.A. from Stanford University in 1976. Two decades later he was promoted to CEO of Banamex and secured his legacy in the banking arena.
Mora knows as well as anyone that if you work for a mega-corp then you are expendable. In order to best secure your future you need to be really lucky, smart, hard working and win the gene-pool lottery or even better simply provide a unique product or service to the market. Think about what you know and have experience in and follow your passions. Take your talents with you to self-employment and free your mind to be creative. You will never lose sleep over a potential layoff again.
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