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Layoffs Watch ’11: Citi

The previously mentioned cuts have continued to go down this morning.

From the front lines:

“Looks packages are shaking out at 3-months if you sign the hold harmless with pay til February. No end of year bonus, obviously.”

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77 Responses to “Layoffs Watch ’11: Citi”

  1. Perspective says:

    To be fair, no one at Citi was going to get an end of year bonus anyway

  2. Guest says:

    Von, Two, Three months of severance! AH AH AH!

    – Count Vikula

  3. deez says:

    Hearing cuts at Credit Suisse started yesterday and hitting IBD again today…

    No bonus for the chocolate makers and 3 months severance …. Merry Christmas!!!

    deeznutz

  4. Cut Me says:

    Soooo….let me get this straight. You're going to pay me to stay at home everyday, drink alcohol, and play MW3 til Feburary? Do you want me to sign with a pen or blood?

  5. Clark says:

    Jelly of the Month club? wtf?

    C.W.Griswold

  6. Guest says:

    1 month for every year worked, Minimum 3 months, max 20

  7. RobbRoy says:

    and it is paid 2012, so the tax rate should be lower

  8. RobbRoy says:

    assuming of course 6-months + down time

  9. CITI MW3 master says:

    can someone translate? what does that mean? is it 3 months max or 1week for every year?

  10. ex-RBSer says:

    Was that mailbag comment saying you get 3 months, PLUS pay until February – or 3 months, which then brings us to the end of February?

    Because that may mean you get 3 months with pay, and then severance, so 6 months? That sounds really generous. We were lucky to get our kids' pictures. HR kept the frames.

    • NYRebel2003 says:

      I had this package from Citi in 2007 and it can turn into a decent deal for people who have time in. Plus, once you are laid off, you get paychecks while staying at home and then the lump sum when the paychecks stop. The downside is you are looking for a job in this crappy economy.

  11. RobbRoy says:

    base pay to feb then 3-month severence if a hold harmless is signed.

  12. RobbRoy says:

    any other info out there? kinda curious if that is in line with what others received…2.5 yrs at the firm

  13. Guest says:

    Info above is pretty much citi standard

  14. I'M one of the 53% says:

    From the 1% to the 99% in one day! The NKI! Let the kids spend the entire Xmass break in the "dark" before telling them how great the experiences will be when they start public schools in January………

    • Herb Schmertz says:

      You are such a dick, it's astounding.

      • I'M one of the 53% says:

        No I'm one of the 53% and I'm DAMN PROUD OF IT! Also a product of the California Public school systems (including college studies) but, that was then, it is a much different public school system today thanks to our politicians.
        Sitting on over $1M of hard assets, taking in $250K a year in a secure job, the NKI!

        • Herb Schmertz says:

          Wow, a whole $250K/year?

          Maybe when you're done fellating yourself, you could perhaps stop gloating about others' demise. Pride is one thing, being an insensitve prick about people losing their jobs is another. I went through it in 2008 and hope to never have to be in that position again.

          • I'M one of the 53% says:

            How sensitive are you ASSHOLES when you are responsible tor the destruction of the trading markets across the globe. You better learn how to shoot and dress down a deer pretty quickly! You FUCKING GREEDY PIGS have feed too long at the trough, now we will all pay for it. Don't think so just see, I bet this site isn't around in 3years or less.
            I think it's HILARIOUS that your sensitive to the needs of some mouse clicking yuppie ASSHOLES but, don't give a damn about the loss of jobs in "flyover" USA. Enjoy the holidays, the merry-go-round is getting ready to stop running. Get in on that Facebook IPO right now, its going to be bigger than Google……….

        • Guest says:

          Hard assets = shares of GRPN
          Secure job = IB at SocGen

  15. Guest says:

    Doesn't sound right. Citi's HR policy clearly states severance package is 2 weeks for each 12 months. What am I missing here?

    • Guest says:

      Maybe they're trying to be moderately humane about this? Or possibly it's structured as policy-based severance plus a token bonus-for-not-getting-a-bonus

    • nyrebel2003 says:

      They maybe giving more $$$ because this layoff may have triggered the WARN act which dictates that you need to give warning and pay a minimum severace.

  16. Guest says:

    Forget it not 'sounding' right, its a bloody fact

  17. Bank4life says:

    What about all accumulated deferred comp? Does that best at layoff?

  18. BAC says:

    bad week back to eating pork beans

  19. Ralf says:

    Problem is the greedy pigs have already raped their respective organizations. They'll be on their yachts and in their beach houses…

  20. Ki Bin Kim says:

    I heard they're cutting some bigger, unprofitable platforms like real estate and energy by 30%

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