Posted by guest , Oct 31, 2008 11:37AM

Sticky Vicky's Halloween slashfest went on as planned.....called it! Funeral Pyre is lit at Sunset. Drinks afterwards for whoever is left

i c d

Posted by guest , Oct 31, 2008 11:47AM

citi will be fine. You Watch. Sincerely Dick Fuld.

Posted by guest , Oct 31, 2008 11:50AM

The convert desk at Citi is all of 12 people. Or was, this is not news.

get a grip

Posted by guest , Oct 31, 2008 11:55AM

@4- all layoffs are news. blow me.

Posted by guest , Oct 31, 2008 11:55AM

I work at Citi, and the revised expense management policy dated August 1st categorically bans holiday parties...

Posted by guest , Oct 31, 2008 11:59AM

I work at Citi, and the revised expense management policy dated August 1st categorically bans holiday parties...

Posted by guest , Oct 31, 2008 12:01PM

Cue Merle Haggard's "If We Make It Through December..."

Posted by guest , Oct 31, 2008 12:06PM

I have decided to lay off Citi employees and outsource them to my homeland India. Bonuses will be paid in curry and running water.

Kind regards,

Vikram

Posted by guest , Oct 31, 2008 12:25PM

market call has just been issued on Financialtraders blog. This guy ' calls are amazing.

Call is to take profits from last friday and Monday long calls, and to start going short with half normal size
with nasdaq 100 at 1340.

http://financialtraders.blogspot.com/2008/10/stock-price-prediction-ndx-qqqq-nq.html

Posted by guest , Oct 31, 2008 12:46PM

they started making cuts on wednesday in other groups.

Posted by guest , Oct 31, 2008 12:59PM

Things will get better.

http://www.youtube.com/watch?v=e0daTVnJmt8&feature=related

SPODE

Posted by guest , Oct 31, 2008 1:00PM

#1 - they have a way to go until they reach Chinatown bus or NewJersey transit train, making change in Trenton

Posted by guest , Oct 31, 2008 1:15PM

I work for Shiti... I mean Citi. Departmental holiday parties were cancelled. How pathetic...

Posted by guest , Oct 31, 2008 2:13PM

#10

shill for a chimp

Posted by guest , Oct 31, 2008 3:58PM

#9 Good news. India is hiring. Techies come to NY for jobs, ediot traders are being sent to Bangalore..

Posted by guest , Oct 31, 2008 4:26PM

#9 Bangalore is hiring half-arsed traders for their center of excelence. You should apply.

Posted by guest , Oct 31, 2008 9:45PM

same day they have restarted talks with Goldman. where is pandit's head at?

Posted by guest , Oct 31, 2008 10:03PM

I've decided to take up a Sell Side Research Associate position rather than a Buy Side equivalent for the following reasons:

1) Greater exposure to the capital markets as you have higher exposure to S&T/IB and corporate management, and higher dynanism (responding to day-to-day new market events). SS guys get quoted in the press and not buyside guys.

2) SS positions require a more broad skillset (verbal & written communication capabilitiers as well as stock analysis); I think I'd enjoy publishing reports and presentations/client calls/marketing trips, rather than punching numbers in Excel all day.

3) In SS you become more of an "expert" in the companies you cover since your focus is more concentrated; I'd rather know 10-15 names really well than to have a more superfluous understanding of 30-50 firms.

4) There's higher "pressure" to perform on the buyside. On the BS they expect you to make good calls (since you'll be judged on nothing other than P&L) whereas such emphasis is not quite as prominent on the SS (according to a few analysts I've spoken to over the past few weeks).

Furthermore, if a BS analyst researches a company for days (weeks?) while thinking it'll be a great pick but afterwards, near the end of the process, learns of some flaws that prevents him from recommending the stock to the PM, it'll appear (to the PM or other supervisors) that he did not add any value or accomplish anything for the period while researching the stock. A SS guy's research will always add value, regardless of how he rates the stock.

5) There's a sentiment that you're more likely to be pigeonholed into AM if you're on buyside (from what I heard) while moving from SS ER to IB or corpfin roles is a more natural or common exit path.

6) It's harder to get a job on the sellside as you get older if you don't already have SS experience. Buyside firms generally value experience more than SS firms, so it's probably easier to move to BS anyway once you have experience (be it on BS or on SS).

To all the BS people who keeps on bashing SS, fuck you

Posted by guest , Nov 01, 2008 11:52AM

The layoffs are continuing and Citi is by far one of the worst run companies in America.

Posted by guest , Nov 02, 2008 10:04AM

@21 – Hey there young fella, you remind me of myself some time ago. You’ve been lied to by people trying to justify their current sell-side positions, most likely while they look for a buy-side job. See you in three years when you come begging for a buy-side job after you find that:

1) Your dynamic environment consists of chasing stories from page C1.

2) The exposure to corporate management means being their concierge as you escort them to buy-side meetings.

3) Your firm’s press policy includes getting approval before you speak, which generally means that you miss the deadlines and don’t get quoted. This is not true if you’ve found yourself at a third-tier firm and can say whatever you want in the press or have been around so long you’ve become Wall Street’s equivalent of Uncle Junior (see the Dick Bove model).

4) It’s frustrating that your written work consist most of the Wall Street weighing machine at earnings time (x was up, y was down). IT’S BULLETS, NOT THE BARD, ON THE SELL-SIDE.

5) Your job as an associate IS PUNCHING NUMBERS IN EXCEL ALL DAY(and into the night).

6) Your expert knowledge has been cut after 8 of your 10-15 names get taken out in a merger (or seized by the government).

7) #4 is ridiculous and basically says you can be bad at your job/wrong in your calls and survive. First, way to aim high and second, try living with a call that blows-up while fielding calls from a bunch of screaming buy-siders and PO’d sales force and then we’ll talk about pressure.

8) “A SS guy's research will always add value, regardless of how he rates the stock.” Haven’t read much sell-side research, eh? Half the time they’re lucky if they quote the press release accurately.

9) Being a sell-side associate is the definition of being pigeonholed. Most associates either go to the buy-side or leave the industry. Very few go to IB or private equity. The jobs, particularly to access to information, are that different. IB/PE sees little value in you building a two page model when they can get an IB analyst that can build a 30 page model.

10) As you older, you don’t want to be on the sell-side. It’s a dying business model with an opaque comp-structure. You’re stuck back at camp with the gatherers and never get to go hunting, so your eating will always depend on what others kill. In the words of Bob Marley-know your history. In the past research was considered back office. When research began to work closely with sales in the late 80’s (and banking in the 90’s) the comp/profile took-off. With the IB link cut and equity sales becoming more difficult, research is reverting to its historical position. With no revenue stream to call its own the outlook isn’t very good.

11) It's actually harder to get a job on the buy-side. Just talk to associates with three years of experience and you’ll find most are trying to get out but that the buy-side doesn’t value sell-side experience.

Posted by guest , Nov 02, 2008 1:44PM

My long term goal is to be a fund manager. Would it be better to enter IBD or Research?

Posted by guest , Nov 02, 2008 10:50PM

is Erin Burnett's boyfriend still works at Citi?

Posted by guest , Nov 03, 2008 9:48AM

@21

23 makes some valid points, but don't think all buy-side Kool-Aid is worth drinking. Fund-of-funds and long-only mutual fund jobs are just as brain dead as large sell side shops. And long-short leveraged buyside shops are looking for a new model. Many of the aggressive long/short hedge funds require you to make 5%/quarter or you are shown the door. Success there requires good trading skills in addition to good fundamental information. A great paycheck awaits the winners, but you've got to consistently be right. You can make a good living on either the buy or sell side if you can find proprietary data. Marry that data stream with good trading skills, and you can take a bigger paycheck at a hedge fund.

Posted by guest , Nov 05, 2008 10:38PM

Citi just canned their entire San Francisco IBD group. Probably as a protest against the passage of Prop 8!

And seems like the annual music chair in health care IBD is at it again. The irony is that they just hired 3 bankers from Lehman to replace the 3 bankers that they hired from Lehman LAST YEAR. At some point they will run out of Lehman bankers to hire to replace the ones that they plan to fire.

Posted by guest , Nov 06, 2008 7:33PM

Second wave of layoffs (2008) in Canada were done this week. Is it going to get worse before it gets better???????????

Posted by guest , Nov 06, 2008 7:34PM

Second wave of layoffs (2008) in Canada were done this week. Is it going to get worse before it gets better???????????

Posted by guest , Nov 11, 2008 11:20PM

Layoffs to hit 30% to 40% of IBD at Morgan Stanley. Citigroup to cut 33% of IBD starting Wednesday. Citi is shutting down their Palo Alto and Dallas IBD groups. Citi M&A may be disbanded and M&A bankers sent back into groups. Official cuts will start Wednesday and last a week. Citi IBD is out having a few drinks on the town tonight in preparation for the cuts.