A New Era At Citi?

Posted by Bess Levin, Nov 18, 2008, 9:52am

Picture 211.pngSo, according to those who track such things, the 388 Greenwich groups to watch get slaughtered in the near term are global corporate banking, IBD, M&A, and global portfolio management. That we'll buy. What we're slightly skeptical about is the rumor that "janitors have already put boxes out on each floor." Why? Because Vikram Pandit just acknowledged 53,000 people would be getting canned yesterday. Obviously it's been in the works for a while but this would be an extremely impressive turn around time for any company, let alone an insolvent one.*

It would pretty much be the first time Citi moved its ass on anything. It would also represent the first time the Big C lived up to its promise to pull all-nighters since introducing us to its fantastic new motto back in May (we received word up the cleaning staff putting out the pack up your shit receptacles circa 2 am). Perhaps we're looking at a new regime at Citi? The only other explanation we can think of is that this is standard protocol for the custodial arts staff, known for expediency and thoroughness practically foreign to the firm at large, and that those in charge of distributing the actual pink slips will fuck it up in short order. (Obviously it goes without saying that we recommend a coup, at least in the c-suite.)


*Get over yourselves, I'm just trying to keep it casual in here.

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