• 17 Nov 2008 at 8:30 AM

Layoffs Watch ’08: Citi

By

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”

    Sign up for the Dealbreaker newsletter

    Subscribe to our free daily email and get breaking news, financial headlines, commentary, and analysis from Dealbreaker.

    — Advertisement —

    Comments (138)

    Newer Comments
    1. 1
      Posted by guest | November 17, 2008 at 8:33 AM

      wow that’s huge.

    2. 2
      Posted by guest | November 17, 2008 at 8:33 AM

      this is crazy

    3. 3
      Posted by guest | November 17, 2008 at 8:35 AM

      What are first year associate numbers?

    4. 4
      Posted by guest | November 17, 2008 at 8:37 AM

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

    5. 5
      Posted by guest | November 17, 2008 at 8:40 AM

      Amazed that you got the pdf on here…

    6. 6
      Posted by guest | November 17, 2008 at 8:41 AM

      BYOB. Bring your own box.

    7. 7
      Posted by guest | November 17, 2008 at 8:43 AM

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

    8. 8
      Posted by guest | November 17, 2008 at 8:44 AM

      Associate Numbers : CR108YU , CR1990N
      both will join a dubai based hedge fund and short the hell out of C

    9. 9
      Posted by guest | November 17, 2008 at 8:47 AM

      @#5 – the pdf is on citi’s website.

    10. 10
      Posted by guest | November 17, 2008 at 8:49 AM

      what percentage of that will be top management?

    11. 11
      Posted by guest | November 17, 2008 at 8:50 AM

      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. 12
      Posted by bondguy007 | November 17, 2008 at 8:52 AM

      How dare he take “Journey’s” name in vain!

    13. 13
      Posted by Investorcluzo | November 17, 2008 at 8:53 AM

      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. 14
      Posted by guest | November 17, 2008 at 8:54 AM

      “Don’t stop believing” was code — Citi’s going to go the way of Tony Soprano.

    15. 15
      Posted by guest | November 17, 2008 at 8:55 AM

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

    16. 16
      Posted by guest | November 17, 2008 at 8:56 AM

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

    17. 17
      Posted by guest | November 17, 2008 at 8:57 AM

      Too bad you can’t print out this report over at Citibank…

    18. 18
      Posted by guest | November 17, 2008 at 8:58 AM

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

    19. 19
      Posted by guest | November 17, 2008 at 9:02 AM

      Is he quoting Journey?
      Blasphemy!

    20. 20
      Posted by guest | November 17, 2008 at 9:09 AM

      citygroup is turning into a villagegroup very fast…

    21. 21
      Posted by guest | November 17, 2008 at 9:10 AM

      citygroup is turning into a villagegroup very fast…

    22. 22
      Posted by guest | November 17, 2008 at 9:10 AM

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

    23. 23
      Posted by guest | November 17, 2008 at 9:13 AM

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

    24. 24
      Posted by guest | November 17, 2008 at 9:17 AM

      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. 25
      Posted by guest | November 17, 2008 at 9:18 AM

      http://www.cnn.com/2008/WORLD/africa/11/17/kenya.tanker.pirates/index.html
      pirate industry is boooming, plenty of jobs there

    26. 26
      Posted by guest | November 17, 2008 at 9:18 AM

      @18 get a life weirdo

    27. 27
      Posted by guest | November 17, 2008 at 9:26 AM

      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. 28
      Posted by guest | November 17, 2008 at 9:27 AM

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

    29. 29
      Posted by guest | November 17, 2008 at 9:33 AM

      @ 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. 30
      Posted by guest | November 17, 2008 at 9:36 AM

      @ 29
      300,000 employees is hardly boutique, dickhead

    31. 31
      Posted by guest | November 17, 2008 at 9:38 AM

      Love the new, shiny Citi logo.
      Appropriate, too: the frowny thing sort of looks like a sickle blade covered in employees’ blood. Tasteful.

    32. 32
      Posted by guest | November 17, 2008 at 9:38 AM

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

    33. 33
      Posted by merkin capital partners | November 17, 2008 at 9:39 AM

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

    34. 34
      Posted by guest | November 17, 2008 at 9:39 AM

      @#3: 17,000.
      Not $17,000. 17,000 associates cut.

    35. 35
      Posted by guest | November 17, 2008 at 9:41 AM

      LOL @ you i-Bankers.
      You’re bitching like Youngstown steel workers.

    36. 36
      Posted by guest | November 17, 2008 at 9:53 AM

      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. 37
      Posted by StillNoCouch | November 17, 2008 at 9:57 AM

      Damn !

    38. 38
      Posted by guest | November 17, 2008 at 10:02 AM

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

    39. 39
      Posted by guest | November 17, 2008 at 10:05 AM

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

    40. 40
      Posted by Investorcluzo | November 17, 2008 at 10:06 AM

      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. 41
      Posted by guest | November 17, 2008 at 10:12 AM

      #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. 42
      Posted by guest | November 17, 2008 at 10:15 AM

      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. 43
      Posted by Investorcluzo | November 17, 2008 at 10:20 AM

      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. 44
      Posted by guest | November 17, 2008 at 10:27 AM

      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. 45
      Posted by guest | November 17, 2008 at 12:06 PM

      eff them, eff them, eff them…all i gotta say…

    46. 46
      Posted by guest | November 17, 2008 at 2:50 PM

      update…388? anybody?

    47. 47
      Posted by guest | November 17, 2008 at 3:06 PM

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

    48. 48
      Posted by guest | November 17, 2008 at 3:18 PM

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

    49. 49
      Posted by Bristol Airport Hotels | April 18, 2012 at 10:04 PM

      zrH1oM I am so grateful for your blog.Thanks Again. Much obliged.

    50. 50
      Posted by music visualizer | April 19, 2012 at 7:36 PM

      Fantastic article.Much thanks again. Awesome.

    51. 51
      Posted by free bingo no deposit | April 20, 2012 at 4:10 AM

      Really enjoyed this article.Really thank you! Really Cool.

    52. 52
      Posted by Free Classifieds | April 20, 2012 at 9:05 AM

      I loved your blog.Really looking forward to read more. Will read on…

    53. 53
      Posted by karma dla psów | April 20, 2012 at 10:12 AM

      Thanks-a-mundo for the blog.Thanks Again.

    54. 54
      Posted by forsikring | April 20, 2012 at 10:16 AM

      Appreciate you sharing, great blog.Much thanks again. Great.

    55. 55
      Posted by canvas4photo | April 20, 2012 at 3:26 PM

      Im grateful for the blog post.Much thanks again. Much obliged.

    56. 56
      Posted by Cheap car insurance first time driver | April 20, 2012 at 4:09 PM

      Great, thanks for sharing this article. Cool.

    57. 57
      Posted by cover letter format | April 20, 2012 at 5:18 PM

      Thanks again for the blog post.Really looking forward to read more. Awesome.

    58. 58
      Posted by cross body bag | April 20, 2012 at 6:52 PM

      Im thankful for the post.Really looking forward to read more. Keep writing.

    59. 59
      Posted by Vera Felio | April 20, 2012 at 10:42 PM

      This is one awesome blog post. Fantastic.

    60. 60
      Posted by getting more followers on tumblr | April 21, 2012 at 7:53 AM

      Great post.Much thanks again. Fantastic.

    61. 61
      Posted by search engine optimization | April 21, 2012 at 11:11 AM

      Say, you got a nice blog article.Really thank you! Awesome.

    62. 62
      Posted by las vegas limousine package | April 22, 2012 at 2:42 AM

      I loved your blog article.Much thanks again. Really Cool.

    63. 63
      Posted by Orthopaedic Implants | April 22, 2012 at 3:26 AM

      An interesting discussion is worth comment. I believe that you should publish more about this subject matter, it might not be a taboo subject but usually folks don’t speak about such topics. To the next! Best wishes!!

    64. 64
      Posted by get rid of kidney stones naturally | April 22, 2012 at 2:59 PM

      Major thankies for the blog post.Thanks Again. Cool.

    65. 65
      Posted by how to get microsoft points free | April 23, 2012 at 2:52 PM

      Muchos Gracias for your blog.Really thank you! Fantastic.

    66. 66
      Posted by watch tv shows online | April 23, 2012 at 4:08 PM

      Looking forward to reading more. Great article.Thanks Again. Keep writing.

    67. 67
      Posted by buy cigarettes | April 23, 2012 at 7:47 PM

      Really enjoyed this blog article.Really thank you! Will read on…

    68. 68
      Posted by binary option brokers | April 24, 2012 at 12:19 AM

      A round of applause for your article post. Much obliged.

    69. 69
      Posted by Best Carpet Cleaning In Houston | April 24, 2012 at 1:02 AM

      I really liked your article post.Really looking forward to read more. Really Great.

    70. 70
      Posted by national lottery | April 24, 2012 at 2:20 AM

      Very informative article post.Much thanks again. Keep writing.

    71. 71
      Posted by World of Warcraft power leveling | April 24, 2012 at 10:07 AM

      I think this is a real great article.Thanks Again.

    72. 72
      Posted by DECIO VANDERLEI NOGUEIRA | April 24, 2012 at 1:28 PM

      Wow, great article post.Much thanks again. Want more.

    73. 73
      Posted by sex shop | April 24, 2012 at 6:48 PM

      Say, you got a nice article. Want more.

    74. 74
      Posted by online shop | April 25, 2012 at 7:59 PM

      Enjoyed every bit of your blog article.Thanks Again. Want more.

    75. 75
      Posted by mlb picks | April 25, 2012 at 9:11 PM

      I cannot thank you enough for the article.Really thank you! Much obliged.

    76. 76
      Posted by hotel careers | April 25, 2012 at 9:36 PM

      A big thank you for your article.Thanks Again. Cool.

    77. 77
      Posted by backlinks genie | April 26, 2012 at 2:54 AM

      I really like and appreciate your article.Thanks Again. Really Cool.

    78. 78
      Posted by gioielliere | April 26, 2012 at 2:03 PM

      I think this is a real great blog. Fantastic.

    79. 79
      Posted by In-Home Care | April 26, 2012 at 9:28 PM

      Im obliged for the article post.Really looking forward to read more. Keep writing.

    80. 80
      Posted by Girls Pajamas | April 27, 2012 at 3:30 PM

      Major thankies for the blog post. Will read on…

    81. 81
      Posted by chemiron | April 27, 2012 at 4:03 PM

      Awesome post.Really thank you! Cool.

    82. 82
      Posted by Surveillance Cameras | April 27, 2012 at 6:56 PM

      Thank you ever so for you blog.Much thanks again. Keep writing.

    83. 83
      Posted by sales video | April 28, 2012 at 12:19 AM

      I think this is a real great blog post.Thanks Again. Cool.

    84. 84
      Posted by Samsung 3D Glasses | April 28, 2012 at 5:07 PM

      Thanks again for the article post.Thanks Again.

    85. 85
      Posted by AUSTIN CONDOS | April 28, 2012 at 5:21 PM

      Very informative blog post.Much thanks again. Cool.

    86. 86
      Posted by personalized golf bags | April 28, 2012 at 6:58 PM

      Thanks again for the blog post.Really thank you! Really Great.

    87. 87
      Posted by injection molding | April 28, 2012 at 8:53 PM

      Enjoyed every bit of your post.Really looking forward to read more. Cool.

    88. 88
      Posted by Kids Bedding | April 28, 2012 at 11:56 PM

      Really informative article.Really looking forward to read more. Want more.

    89. 89
      Posted by Bennie Panganiban | April 29, 2012 at 12:26 AM

      Thanks for the post.Much thanks again. Really Great.

    90. 90
      Posted by Bedspreads | April 29, 2012 at 4:49 AM

      I really liked your article.Really thank you! Fantastic.

    91. 91
      Posted by Oma Iman | April 29, 2012 at 5:12 AM

      Thanks for sharing, this is a fantastic article. Want more.

    92. 92
      Posted by Pest Control Irwin PA | April 29, 2012 at 9:08 AM

      Im obliged for the article.Really looking forward to read more. Fantastic.

    93. 93
      Posted by best remortgage deals | April 29, 2012 at 11:39 AM

      Im obliged for the article post. Cool.

    94. 94
      Posted by bathroom cabinets | April 29, 2012 at 1:01 PM

      Very informative article. Great.

    95. 95
      Posted by best road trip apps | April 29, 2012 at 5:25 PM

      Thanks a lot for the article.Thanks Again. Much obliged.

    96. 96
      Posted by Modelagentur Zürich | April 29, 2012 at 6:13 PM

      I cannot thank you enough for the post.Thanks Again. Really Cool.

    97. 97
      Posted by MLM Leads | April 29, 2012 at 7:38 PM

      Im grateful for the article.Really looking forward to read more. Really Cool.

    98. 98
      Posted by chicago flat fee mls | April 29, 2012 at 8:36 PM

      Great, thanks for sharing this article post. Will read on…

    99. 99
      Posted by beats free instrumentals rap download | April 30, 2012 at 11:19 AM

      Very good article.Really looking forward to read more. Fantastic.

    100. 100
      Posted by Backlinks | April 30, 2012 at 3:50 PM

      I really like and appreciate your blog post.Thanks Again. Much obliged.

    101. 101
      Posted by SEO New York | April 30, 2012 at 9:37 PM

      I really enjoy the article.Much thanks again. Great.

    102. 102
      Posted by Reverse Email | May 1, 2012 at 7:01 AM

      I really enjoy the post.Thanks Again.

    103. 103
      Posted by buy oem software | May 1, 2012 at 12:13 PM

      Uj4Dl3 I really enjoy the article.Much thanks again. Keep writing.

    104. 104
      Posted by Phlebotomy Training programs | May 2, 2012 at 1:07 AM

      Thanks for the blog.Really thank you! Really Cool.

    105. 105
      Posted by twitter followers | May 2, 2012 at 1:42 AM

      Im obliged for the article post.Really looking forward to read more. Great.

    106. 106
      Posted by beats headphones for phones | May 2, 2012 at 3:25 AM

      I am so grateful for your blog.Really thank you! Really Great.

    107. 107
      Posted by advanced auto parts | May 2, 2012 at 4:14 AM

      Im grateful for the blog post.Thanks Again.

    108. 108
      Posted by computer stores | May 2, 2012 at 7:26 AM

      I loved your blog article.Thanks Again. Awesome.

    109. 109
      Posted by logitech BCC950 conference cam | May 2, 2012 at 9:21 AM

      I loved your blog.Thanks Again. Cool.

    110. 110
      Posted by stuttering chat | May 2, 2012 at 10:53 AM

      Say, you got a nice blog post.Thanks Again. Want more.

    111. 111
      Posted by metatrader4 | May 2, 2012 at 7:43 PM

      Really appreciate you sharing this post.Really looking forward to read more. Keep writing.

    112. 112
      Posted by make money online | May 3, 2012 at 2:42 AM

      Hey, thanks for the article post.Really looking forward to read more. Fantastic.

    113. 113
      Posted by medjool dates | May 3, 2012 at 3:22 PM

      I am so grateful for your blog post. Will read on…

    114. 114
      Posted by online | May 3, 2012 at 6:30 PM

      Im thankful for the blog post.Much thanks again. Want more.

    115. 115
      Posted by URL Opener | May 3, 2012 at 8:38 PM

      I think this is a real great blog.Really looking forward to read more. Awesome.

    116. 116
      Posted by investing in gold | May 5, 2012 at 10:19 AM

      Major thanks for the article post.Really thank you! Will read on…

    117. 117
      Posted by http://www.the-alcoholic.com | May 5, 2012 at 11:33 AM

      Thanks for the blog.Really thank you! Want more.

    118. 118
      Posted by addiction to alcohol | May 5, 2012 at 12:48 PM

      I really enjoy the article. Much obliged.

    119. 119
      Posted by sante barley | May 5, 2012 at 2:02 PM

      Major thanks for the article post.Really thank you! Great.

    120. 120
      Posted by Snapback Wholesale | May 5, 2012 at 9:42 PM

      Really appreciate you sharing this to me.Welcome to visit my blog too! My blog is about how to buy cheap snapback hat from factory and how to find snapback wholesale factory,the most importand is how to earn $150 each day.

    121. 121
      Posted by Piano Lessons in London | May 7, 2012 at 6:44 AM

      Muchos Gracias for your article.Much thanks again. Want more.

    122. 122
      Posted by iphone 4s unlocked | May 8, 2012 at 5:40 AM

      Really appreciate you sharing this blog post.Much thanks again. Awesome.

    123. 123
      Posted by sex schweizerr | May 8, 2012 at 5:45 AM

      Thanks so much for the post.Really thank you! Awesome.

    124. 124
      Posted by Classifieds | May 8, 2012 at 7:45 AM

      I am so grateful for your blog article. Fantastic.

    125. 125
      Posted by cheap seo packages | May 8, 2012 at 8:26 AM

      Awesome blog.Really looking forward to read more. Will read on…

    126. 126
      Posted by cheap wedding dresses | May 8, 2012 at 12:19 PM

      Thanks again for the article post.

    127. 127
      Posted by louis vuitton | May 8, 2012 at 5:41 PM

      Thanks again for the article.Thanks Again. Much obliged.

    128. 128
      Posted by Promotional Gifts | May 8, 2012 at 6:29 PM

      I appreciate you sharing this post.Much thanks again. Cool.

    129. 129
      Posted by fallbrook | May 8, 2012 at 9:33 PM

      Very good blog article.Thanks Again. Cool.

    130. 130
      Posted by Man Made Diamonds | May 8, 2012 at 10:33 PM

      Thanks-a-mundo for the blog post.Really looking forward to read more. Much obliged.

    131. 131
      Posted by New Movie Trailers | May 8, 2012 at 11:06 PM

      Im grateful for the blog. Really Cool.

    132. 132
      Posted by Blade and Soul gold | May 9, 2012 at 2:12 AM

      Very neat blog article.Thanks Again. Cool.

    133. 133
      Posted by Walkers | May 9, 2012 at 2:35 AM

      Thanks for the article post. Keep writing.

    134. 134
      Posted by Exhaust System | May 9, 2012 at 3:58 AM

      Awesome blog post. Keep writing.

    135. 135
      Posted by pro ana | May 9, 2012 at 12:20 PM

      I really enjoy the blog article.Really looking forward to read more. Keep writing.

    136. 136
      Posted by proxies | May 9, 2012 at 3:35 PM

      Very informative post. Will read on…

    137. 137
      Posted by ��������� ��������� ������ | May 10, 2012 at 1:12 AM

      Looking forward to reading more. Great article. Really Cool.

    138. 138
      Posted by Hot Yoga, Surrey, BC | May 10, 2012 at 6:08 AM

      I truly appreciate this blog article.Thanks Again. Great.

    Newer Comments

    Leave a comment

    You can log in with your account or comment as a guest below.

       or