So, 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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First blocker.
Happy holidays fucktards! Should have gone to beauty school instead.
But seriously – the announcements are supposed to happen by EOW, but the employees have a stay of execution for 60 days. Or some shit like that.
Stay of execution with a box in front of your desk. ouch.
“let alone an insolvent one (KIDDING).”
Bess are you on the Goldman payroll?
All thes CEOS should be canned, thats what I think. This place has been doomed for years though, over expansion and poor management. History will judge the BSC idiots, Stan oneal, Mack and all the rest as the guys who crippled a once proud industry and ruined thousands of lives. Nice job gents
if they put an empty iron mountain box next to your cube is that a bad thing?
Sad to hear this for our friends and colleagues at Citi.
Hopefully they take care of the people they need to cut.
BESS ITS YOUR HIGHSCHOOL CRUSH. NO LIVE BLOGGING BEARD, BADLY AND BAIR?
if they unplug your harddrive and take it away is that a bad thing?
if you’re acess pass stops working and your extension doesn’t exist anymore is that abad thing?
@7- what’s the point? they have these retarded, useless shouting session practically every week.
if the guard unlocks your cell and walks away silently, and suddenly the hulking figure of Bubba appears in your doorstep, is that a bad thing?
Barney Frank is a fat blowhard, has he ever taken a finance class?? These guys are all full of crap, where were they when this was all going on???
What are the first year anal-sex numbers?
50K “reduction” is a sham. Note the company didnt say layoffs. THey are selling the German retail franchise – 33K employees right there. This is all window dressing for the media.
@12- Doing their job. Everyone can’t be an expert at everything.
@15 there is quite some space between being an expert at everything and being Barney Frank.
EVERYONE NEEDS TO SETTLE DOWN
RIGHT NOW
Frank should be in hiding
http://www.businessandmedia.org/articles/2008/20080924145932.aspx
Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.
“These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Frank has also reaped campaign contribution benefits from Fannie Mae and its counterpart Freddie Mac. According a front page story in the Sept. 19, 2008, Investor’s Business Daily by Terry Jones, Frank has received $40,100 in campaign cash over the past two decades from the GSEs.
Frank needs Spank
any update on 388 layoffs? today or tomorrow?
@19 So?
19 Powerful guy this Frank, able to single handedly thwart the fine efforts of the Bush admin. He’s clearly the cause of the mess we’re in now.
@22, he’s been instrumental in allowing the mortgage crisis grow to this point. creating a complicated mess. then he does nothing but scream and stomp his feet when it’s not fixed immediately.
+ he’s gayer than GAnalYst
Anybody else getting wood from Barney Frank’s heavy breathing on the microphone?
@24 – So he’s a liberal hustler, and?
Leave Frank alone. He is a kind and gentle man.
http://query.nytimes.com/gst/fullpage.html?res=950DE0DC1430F934A35751C1A96F948260
24 Again that implication that the “mortgage crisis” is the fault of lowering underwriting standards at the GSE’s. Not true. Most of the toxic s!!t was underwritten independently and packaged and sold by Wall Street with minimal oversight and the blessings of the rating agencies, given that that was such a great business. A lot of bankers at all levels took home big bonuses, from originators to packagers to sellers. Much as you like bashing Frank, the congressional support that the GSE’s had was a truly minor factor in creating the mess.
Totally agree with you 29, but its just nauseating to listen to these idiotic politicians kicking and screaming They are s-bags also. Bottom ine, people who made no money were buying 700 grand homes with no money down and all o these masters of the universe on wall st thought nothing of it. These guys ruined finance, end of story
When is MS layoff? it must be soon as their yearend if Nov 30.
What are whisper numbers for bonus for VP and below?
@32…peace and love buddy, why you gotta fill the citi coffers like that?
@ 32 – you must be delusional if you think the food there is good!
anyways, tech/ops is relatively safe.
@34..
#32 here…i agree food is not the greatest you can get but still better than what my girlfriend coooks
anyway the message is… the firing is not going to happen…as someone mentioned abve
33K would go in germany (when the sell german retail)
10K would go in India where they have some folks selling credit cards and haev a monthly salary for $40
10K would go away in rest of asia where they sell some dipshit and get an income of $90 per month.
all our jobs (ie $150K upwards) are safe as obamas daughters
@32 – Yeah, you can only cut so much of cake – the people that actually do the work!
IBD, Corp. Banking, all icing on this every shrinking cake called C.
No reason to keep the bankers around… it’s like maintaining a zoo full of well-groomed, entitled and moody bengal tigers… no more pray for you to kill gents, thank you and here’s your pink slip!
It’s just another day without yooooooouuuu
sing it, Jon Secada, sing it
the least Pandit could do is to forgo his bonus as well….
anything in 388 yet guys?
anything in 388 yet guys?
anyone know about nyse moving amex ops to 111 WS btw?
anything in 388 yet guys?
It’s going down tomorrow. 10-20% of all IBD groups.
388…go buy that last cup of jo at Peace & Love…God I miss that place….
does anybody know if they are just cutting the bottom 20% of performers in IBD? or are they cutting with a view to be more bottom-heavy?
energy group told 25%
energy group told 25%. MDs going tonight.
The boxes thing is true. I know of five ficc traders fired. Heard from an SA how terminates accounts that many were let go and more will be Wednesday.
388/390G is tomorrow: some interesting things going on toward the EOD with the MD’s etc
388/390G is tomorrow: some interesting things going on toward the EOD with the MD’s etc
ibd and grb cuts are tomorrow or just ibd?
20pct in FICC. 40pct in GSM. Some cuts in 388/390G today. A lot more tomm. Get ready for bloodbath part 2.
Looks like 30% gone in JBD