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(Updates from 8:09 a.m. ET to include news of mass firings across Clear Channel radio properties Friday.)
NEW YORK (
TheStreet) -- It's incredibly disheartening: The reality of job loss.
Headlines hit daily. Like military deaths or run-of-the-mill murders, we barely think twice about a few hundred jobs lost here, several thousand there.
We're so freaking desensitized to it all.
Citigroup Bloodbath: $1 Billion Charge, 11,000 Jobs Cut and 84 Branches Gone
is a bloodbath, brother. It's been going on for years at Citi. It's probably not over.
TheStreet's Shanthi Bharatwaj, "The six largest banks in the U.S. have shed 24,000 jobs in the last year." At least one Wall Street analyst
thinks Bank of America(BAC -
Get Report) should do like Citi and blow a bunch of people out.
I'm no rube. I get it. Lean and mean resonates with investors, even if Citi can't pull it off.
But, it's the banking sector. We have come to expect mass firings and incompetence on a road to nowhere.
Unless you have several bonuses in the bank and a considerable salary at one of these big banks, I can't imagine they're the greatest places in the world to work. Lots of the Citi causalities probably weren't making a ton of money. Branch closures makes it obvious that quite a few did not earn much at all.
This sort of thing resonates with me because I used to work in radio.
There's not a crappier industry. The competition for poster child of all things crappy in radio -- and corporate America for that matter -- begins and ends with
Clear Channel makes the big banks, airlines and even Wall Street look chill.
Here's a company with a shocking $20 billion in debt, $6 billion in revenue, $1 billion in cash and tens of millions in quarterly losses. Yet Clear Channel manages to find a way to fly its CEO Bob Pittman around in a private jet. (
footnoted has a great story on that from last year).
Not a day goes by without, at the very least, rumors of mass firings at one or more Clear Channel stations. They don't care who you are -- a beloved talent with great ratings or an intern in the promotions department -- if they pay you money, you're fair game to get cut loose in the next round of goodbyes.