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”
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wow that’s huge.
this is crazy
What are first year associate numbers?
And Vik just bought a boatload of shares last week. Hmmm. Does that qualify as buying on insider info? Does anyone care anymore?
Amazed that you got the pdf on here…
BYOB. Bring your own box.
So…that World Class Leadership Team on page 5…will they see 20% layoffs?
Associate Numbers : CR108YU , CR1990N
both will join a dubai based hedge fund and short the hell out of C
@#5 – the pdf is on citi’s website.
what percentage of that will be top management?
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.”
How dare he take “Journey’s” name in vain!
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.
“Don’t stop believing” was code — Citi’s going to go the way of Tony Soprano.
Bout time. Citi had three people to do every job at the bank. Still needs another 50K to get competitive IMHO.
Vik should be 50,0001…time for him to go be a beggar in Calcutta…
Too bad you can’t print out this report over at Citibank…
Erin Burnett is in Moscow this am … her nipples have to be very hard
Is he quoting Journey?
Blasphemy!
citygroup is turning into a villagegroup very fast…
citygroup is turning into a villagegroup very fast…
They have a “Chief Talent Officer”. What a %&@#ing joke.
well, this is exactly what they need. a darwinian shake out. perhaps a few more cuts wouldn’t hurt before christmas…
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”.
http://www.cnn.com/2008/WORLD/africa/11/17/kenya.tanker.pirates/index.html
pirate industry is boooming, plenty of jobs there
@18 get a life weirdo
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…
Finally, some balls from Vik. Big C might actually survive this crisis
@ 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
@ 29
300,000 employees is hardly boutique, dickhead
Love the new, shiny Citi logo.
Appropriate, too: the frowny thing sort of looks like a sickle blade covered in employees’ blood. Tasteful.
@23, love “darwinian shakeout”. Peter Schiff style. Capitalism at its poetic best.
@22..and it’s a guy…wonder if he’s out to his parents.
@#3: 17,000.
Not $17,000. 17,000 associates cut.
LOL @ you i-Bankers.
You’re bitching like Youngstown steel workers.
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!
Damn !
Some say 50,000 includes the ones already gone. If so, that’s a huge difference.
@38, it’s 20% from peak. Peak was 375k, they’re now at 350k so it’s 50k more.
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…
#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.
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…
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.
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.
eff them, eff them, eff them…all i gotta say…
update…388? anybody?
nothing in 388 IBD yet, my staffer said tomorrow is the day
any idea what the situation is like for 2nd years in IBD?