Layoffs Watch '08: Citi

Posted by Bess Levin, Nov 17, 2008, 8:30am

The Big C has confirmed that it will be cutting approximately 50,000 jobs, as reported over the weekend by Charlie Gasparino. Taking a cue from Dick Parsons's page, Vikram Pandit told the residents of Citiville, many of whom are about to get the axe, "don't stop believing."

Citi Town Hall Presentation [PDF]

Earlier: Dick Parsons To Citi Citizens: "Keep The Faith"

5Recommend this! 48Comments

Comments

1

Posted by guest , Nov 17, 2008 8:33AM

wow that's huge.

2

Posted by guest , Nov 17, 2008 8:33AM

this is crazy

3

Posted by guest , Nov 17, 2008 8:35AM

What are first year associate numbers?

4

Posted by guest , Nov 17, 2008 8:37AM

And Vik just bought a boatload of shares last week. Hmmm. Does that qualify as buying on insider info? Does anyone care anymore?

5

Posted by guest , Nov 17, 2008 8:40AM

Amazed that you got the pdf on here...

6

Posted by guest , Nov 17, 2008 8:41AM

BYOB. Bring your own box.

7

Posted by guest , Nov 17, 2008 8:43AM


So...that World Class Leadership Team on page 5...will they see 20% layoffs?

8

Posted by guest , Nov 17, 2008 8:44AM

Associate Numbers : CR108YU , CR1990N

both will join a dubai based hedge fund and short the hell out of C

9

Posted by guest , Nov 17, 2008 8:47AM

@#5 - the pdf is on citi's website.

10

Posted by guest , Nov 17, 2008 8:49AM

what percentage of that will be top management?

11

Posted by guest , Nov 17, 2008 8:50AM

Did Pandit say it like my freshman physics professors? "Look to your left and look to your right. One of you won't be here after the mid-term."

12

Posted by bondguy007 , Nov 17, 2008 8:52AM

How dare he take "Journey's" name in vain!

13

Posted by Investorcluzo , Nov 17, 2008 8:53AM

a) why isn't this being live blogged?
b) was this an internal presentation?
b2) if it's internal, I applaud the brave sould who sent it to bessy; but don't envy your future employment sitch...
c) take away from the pre - wfc/wb need to face reality and start reserving. they are so far below everyone else (loan reserve level) but have the second highest mortgage loan portfolio (behind bac/countrywide/mer)...pain to come. buffett's halo can do only so much.

14

Posted by guest , Nov 17, 2008 8:54AM

"Don't stop believing" was code -- Citi's going to go the way of Tony Soprano.

15

Posted by guest , Nov 17, 2008 8:55AM

Bout time. Citi had three people to do every job at the bank. Still needs another 50K to get competitive IMHO.

16

Posted by guest , Nov 17, 2008 8:56AM

Vik should be 50,0001...time for him to go be a beggar in Calcutta...

17

Posted by guest , Nov 17, 2008 8:57AM

Too bad you can't print out this report over at Citibank...

18

Posted by guest , Nov 17, 2008 8:58AM

Erin Burnett is in Moscow this am ... her nipples have to be very hard

19

Posted by guest , Nov 17, 2008 9:02AM

Is he quoting Journey?
Blasphemy!

20

Posted by guest , Nov 17, 2008 9:09AM

citygroup is turning into a villagegroup very fast...

21

Posted by guest , Nov 17, 2008 9:10AM

citygroup is turning into a villagegroup very fast...

22

Posted by guest , Nov 17, 2008 9:10AM

They have a "Chief Talent Officer". What a %&@#ing joke.

23

Posted by guest , Nov 17, 2008 9:13AM

well, this is exactly what they need. a darwinian shake out. perhaps a few more cuts wouldn't hurt before christmas...

24

Posted by guest , Nov 17, 2008 9:17AM

If you ever wondered what a Universal Bank Model looked like, apparently it is five arrow thingies in four different colors. The good news is that it "is working".

25

Posted by guest , Nov 17, 2008 9:18AM

http://www.cnn.com/2008/WORLD/africa/11/17/kenya.tanker.pirates/index.html

pirate industry is boooming, plenty of jobs there

26

Posted by guest , Nov 17, 2008 9:18AM

@18 get a life weirdo

27

Posted by guest , Nov 17, 2008 9:26AM

look at the bright side, all these people can get new jobs created by Bank of Hartford Life, Genworth Financial Savings and Loan or soon to be Bank of General Motors...

28

Posted by guest , Nov 17, 2008 9:27AM

Finally, some balls from Vik. Big C might actually survive this crisis

29

Posted by guest , Nov 17, 2008 9:33AM

@ 28 they will do better if the entire board is fired. a smaller, streamlined citi hard to imagine. boutique even? maybe the Little C will rule the street

30

Posted by guest , Nov 17, 2008 9:36AM

@ 29

300,000 employees is hardly boutique, dickhead

31

Posted by guest , Nov 17, 2008 9:38AM

Love the new, shiny Citi logo.

Appropriate, too: the frowny thing sort of looks like a sickle blade covered in employees' blood. Tasteful.

32

Posted by guest , Nov 17, 2008 9:38AM

@23, love "darwinian shakeout". Peter Schiff style. Capitalism at its poetic best.

33

Posted by merkin capital partners , Nov 17, 2008 9:39AM

@22..and it's a guy...wonder if he's out to his parents.

34

Posted by guest , Nov 17, 2008 9:39AM

@#3: 17,000.

Not $17,000. 17,000 associates cut.

35

Posted by guest , Nov 17, 2008 9:41AM

LOL @ you i-Bankers.

You're bitching like Youngstown steel workers.

36

Posted by guest , Nov 17, 2008 9:53AM

25: Also, piracy is very green. Somalia has the most pirates per capita of any nation in the world, AND the lowest carbon output per capita of any country in the world? Coincidence? I don't think so.

Save the planet - become a pirate!

37

Posted by StillNoCouch , Nov 17, 2008 9:57AM

Damn !

38

Posted by guest , Nov 17, 2008 10:02AM

Some say 50,000 includes the ones already gone. If so, that's a huge difference.

39

Posted by guest , Nov 17, 2008 10:05AM

@38, it's 20% from peak. Peak was 375k, they're now at 350k so it's 50k more.

40

Posted by Investorcluzo , Nov 17, 2008 10:06AM

btw, 18,000 of the 50,000 jobs were from the back office ops they sold earlier this year. not sure why they would include this in the number - talk about grade inflation. while the larger number tells the market, "hey we're serious"; it tells employees, "be afraid, very afraid". great way to boost morale. nice work guys...

41

Posted by guest , Nov 17, 2008 10:12AM

#40

Citi has been shitting on morale for the better part of 8 years. When I left in 2000 it was pathetic over there. From what I hear it has actually gotten worse. The transition from Solomon Brothers to Shitty in the span of about a year was absolutely brutal. Now those days seem like the high life -Miller that is.

42

Posted by guest , Nov 17, 2008 10:15AM

I think it's a beard. Citibank makes this announcement so the Feds can point to it before they roll down the "GET LOST" blind at the discount TARP window when GM comes knocking...

43

Posted by Investorcluzo , Nov 17, 2008 10:20AM

forgot to mention, the 18k jobs were in mumbai.

anyone else notice c's market cap is $50 billion which is less than the $63 bn of cash they had at 9/30...

@41 - I hear you, I still have a few friends over there, bleak, very bleak.

44

Posted by guest , Nov 17, 2008 10:27AM

Citi is hurting in the mortgage and credit card divisions, but they have major cash flow in their retail banking, and have a wealth management division that is going gang busters - as soon a s they get the TARP money, they will spin off the troubled divisions and come back a powerhouse.

In five years!

http://yourmortgageoryourlife.wordpress.com/2008/11/13/message-to-distressed-borrowers-you-have-to-help-yourselves/

Meanwhile we are all toast, we will be broke and homeless by then.

45

Posted by guest , Nov 17, 2008 12:06PM

eff them, eff them, eff them...all i gotta say...

46

Posted by guest , Nov 17, 2008 2:50PM

update...388? anybody?

47

Posted by guest , Nov 17, 2008 3:06PM

nothing in 388 IBD yet, my staffer said tomorrow is the day

48

Posted by guest , Nov 17, 2008 3:18PM

any idea what the situation is like for 2nd years in IBD?

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