Severance Watch '08: Citi

Posted by Bess Levin, Nov 20, 2008, 9:55am

Parting gifts for IBD analysts: two months pay and $15k. And Citi-branded tissues with which to JO&C.

3Recommend this! 56Comments

Comments

1

Posted by guest , Nov 20, 2008 10:01AM

Holy crap. Analysts (so pre-B-school?). I'd take the money adn get the hell out of NYC. There won't be analyst jobs for a long time.

2

Posted by guest , Nov 20, 2008 10:02AM

If using the same tissue to conserve resources, please C then JO.

3

Posted by guest , Nov 20, 2008 10:05AM

@1 not true. they either suck or are in hard hit groups like sponsors or lev fin. over in fig, analysts have never been busier.

4

Posted by Investorcluzo , Nov 20, 2008 10:08AM

let's review:

gs - $20 bn (mkt cap)
c - $30 bn
usb - $41 bn
bac - $50 bn
wfc - $79 bn
brk-a - $120 bn

this qualifies for bizzaro world...wells, really, wells?

5

Posted by guest , Nov 20, 2008 10:12AM

2 month analyst salary = 8K after taxes
plus 15K = 23K, losing your job - priceless.

6

Posted by guest , Nov 20, 2008 10:12AM

Cluzo, it isn't a measure of the deposit base, but more a measure of what junk is on the balance sheet that may yet blow up. Wells has less than C or GS.

7

Posted by guest , Nov 20, 2008 10:15AM

C @ $5.13 (Tom Petty in background)
-MoneygripWisdom

8

Posted by guest , Nov 20, 2008 10:18AM

Roubini: Be on the solution side of the problem or STFU.

His rants are tiresome and are leading to irrational panic.

Go away until you have something new.


9

Posted by Investorcluzo , Nov 20, 2008 10:19AM

@6 - I would agree with that statement, but do recall a small bank called golden west? who do you think owns the lovely mortgages that were written by that illustrious institution?

10

Posted by guest , Nov 20, 2008 10:19AM

Synthetic CDOs are going to blow up. They are heavily financial weighted. Synthetic blow up equals hedge fund blow up.

11

Posted by guest , Nov 20, 2008 10:21AM

@9 - good point but didn't they also pay pennies on the dollar for it? WB is currently trading at 40% of what they paid for Golden West.

- not #6

12

Posted by guest , Nov 20, 2008 10:22AM

Agreed about Roubini. All that guy does is come out talking doom and gloom. Where is the real analysis? Where are the proscriptions for fixing it? He's a hack.

13

Posted by guest , Nov 20, 2008 10:24AM

There will be analyst jobs, but 1 is right-the majority wont be in NYC.

They will be in Bangladore or Hong Kong.

14

Posted by guest , Nov 20, 2008 10:27AM

@13, what did people expect when C outsourced the ceo?

15

Posted by Investorcluzo , Nov 20, 2008 10:32AM

@11 - merrill sold bad assets for $0.22 on the dollar to get rid of the problem (accounts for the loan guarantee). wfc, paid pennies on the dollar to take on someone else's problem. whether or not that is a "bargain" will not be know for a while. bac paid "pennies on the dollar" for countrywide, now it provides an anchor to the stock price. what did buffett pay for gs stock? I believe the warrants were at a strike of $115 (north of 2x the current market)...

16

Posted by guest , Nov 20, 2008 10:32AM

@14 Brilliant.

17

Posted by guest , Nov 20, 2008 10:35AM

@14, whities can't handle stress, giving up control from C to Country until things can get better, or blame it on the brown/black guy for destroying everything.

18

Posted by guest , Nov 20, 2008 10:40AM

ShittyBank is now a penny stock - trading at $4.90 and plunging.

Hank better run over to the Capitol and ask for that second $350B before Congress recesses...

19

Posted by guest , Nov 20, 2008 10:41AM

Umm, the guys that blew out Citi predated Viki.... Like Todd, and his fancy ass office at the Citicorp center. Last I checked, they were a bunch of white dudes. Last I checked, they got whacked last year....

20

Posted by guest , Nov 20, 2008 10:44AM

#8: So true, so true! Roubini needs to realize what his negative talk is doing to the markets and be an optimist for once. Enough doom and gloom y'all! :)

21

Posted by guest , Nov 20, 2008 10:53AM

no one in citi has layoffs like us, layoffs like us, layoffs like us

... gota bop like this // cant wear skinny jeans cause my severance dont fit

22

Posted by PatrickBateman , Nov 20, 2008 10:54AM

What do you think the percentage of DB readers are now unemployed?

I'm sure most of us are still working, but just curious.

23

Posted by guest , Nov 20, 2008 10:56AM

BLOOMBERG - Somali Pirates in discussion to acquire Citibank.

24

Posted by guest , Nov 20, 2008 10:58AM

22 I think the unemployed are still asleep. Ask again around 2 pm.

25

Posted by guest , Nov 20, 2008 10:58AM

@23 classic

26

Posted by guest , Nov 20, 2008 11:01AM

$10k at the end not $15k

27

Posted by guest , Nov 20, 2008 11:04AM

23 won this shit hard

-Jobless Dealbreaker

28

Posted by guest , Nov 20, 2008 11:04AM

ok, 23's comment is the best i have heard all year. Well done!

29

Posted by guest , Nov 20, 2008 11:06AM

that Pirates for C comment has been all over desks this morning.

30

Posted by guest , Nov 20, 2008 11:07AM

wonder what happened to the guy last week that was worried cause he had recommended C to his girlfriend at $12 and it went down to $10.

31

Posted by guest , Nov 20, 2008 11:08AM

@29 - well that will teach me to spend the afternoon in pub w/brokers

32

Posted by guest , Nov 20, 2008 11:09AM

Do Somali pirates have Swiss bank accounts or do they bury their booty? And which is safer?

33

Posted by guest , Nov 20, 2008 11:09AM

So the remaining Citi employees will work for Cap'n Jack Sparrow.... Oh wait, that is Caribbean pirates. Maybe they will acquire ford....

34

Posted by guest , Nov 20, 2008 11:11AM

@21 nice

35

Posted by guest , Nov 20, 2008 11:12AM

I'm going long on eyepatches and parrots

36

Posted by guest , Nov 20, 2008 11:15AM

@15 - point taken. If any bank could afford to take WB on it was WFC. Imagine if Citi had ended up with that gem?

#11

37

Posted by guest , Nov 20, 2008 11:21AM

I'm short DRYS and long Somali pirates. Best trade ever.

38

Posted by guest , Nov 20, 2008 11:22AM

@36 - WB would have saved Shitty's ass. Sheila had packaged that puppy up as a gift - they were essentially buying the good assets and a ton of deposits for $0 - all on the backs of the WB shareholders and the US taxpayer.

That's why JPM and WFC are a step ahead in all of this mess - they paid nothing for Wamu and WB, wrote the assets down way more than they needed to (getting huge tax losses in the process), and for years they'll be able to leak a little of that out to hide the losses in their own portfolios. It's brilliant!

Same thing with PNC/NCC. Unbelievable how NCC went back and wrote down their book value to reflect the price PNC was paying. Un-believable.

39

Posted by guest , Nov 20, 2008 11:26AM

Anyone have the #s for first year pirates?

40

Posted by guest , Nov 20, 2008 11:27AM

Anyone have the #s for first year pirates?

41

Posted by guest , Nov 20, 2008 11:27AM

@39
90/100/110

42

Posted by guest , Nov 20, 2008 11:27AM

@39
90/100/110 confirmed

43

Posted by guest , Nov 20, 2008 11:30AM

hahaha good memory 30

he's probably looking for a new girl

44

Posted by guest , Nov 20, 2008 11:33AM

Not all Pirates are doing well.
South Indian Ocean Opportunities Fund blew up, took on too much liquidity ironically

45

Posted by guest , Nov 20, 2008 11:33AM

Not all Pirates are doing well.
South Indian Ocean Opportunities Fund blew up, took on too much liquidity ironically

46

Posted by guest , Nov 20, 2008 12:32PM

@23 wins for best post and starting best thread.

47

Posted by guest , Nov 20, 2008 1:08PM

@6 et al.

Why does everyone buy WFC's crap? They are they biggest RE lender in Cali. Their shit don't stink? Sniff again.

48

Posted by guest , Nov 20, 2008 1:34PM

@ 41/42 - that's not a bad severance package for 1st year analysts at all

49

Posted by guest , Nov 20, 2008 2:26PM

@48 Are you an idiot...he was referring to #s for first year pirates (see 39). Please do not post on dealbreaker again.

50

Posted by guest , Nov 20, 2008 2:44PM

The Prince is back +++

51

Posted by guest , Nov 20, 2008 2:47PM

@49... I am not sure I appreciate that tone. Please note that this is public bulletin and anyone is free to express their opinion no matter how idotic it is.

The prince is back +++

52

Posted by guest , Nov 20, 2008 2:52PM

@51 F off...

---

53

Posted by guest , Nov 20, 2008 3:10PM

What are you guys talking about? I'm the new guy!

54

Posted by guest , Nov 20, 2008 3:10PM

48 is clueless

55

Posted by guest , Nov 20, 2008 3:26PM

FIG?

What TARP pitches?

Back in the day, Solly FIG analysts were sent to London to pick up Savile Row Suits for MDs

56

Posted by guest , Nov 20, 2008 3:51PM

you guys been watching the citi stock today?

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