• 30 Nov 2011 at 12:18 PM

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.”

77 comments (hidden to protect delicate sensibilities)
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Comments (77)

  1. Posted by Perspective | November 30, 2011 at 12:40 PM

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

  2. Posted by Guest | November 30, 2011 at 12:40 PM

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

    – Count Vikula

  3. Posted by deez | November 30, 2011 at 12:48 PM

    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. Posted by Cut Me | November 30, 2011 at 1:00 PM

    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. Posted by guest | November 30, 2011 at 1:14 PM

    bah humbug!

  6. Posted by Guest | November 30, 2011 at 1:31 PM

    Getting laid off actually kinda sucks… Sure you get to go back to undergrad days where your drank all the time and slayed ugly school girls but after 3 months your kinda fucked.

  7. Posted by PMCO/1+(1-Tc)x(D/E) | November 30, 2011 at 1:43 PM

    Thanks for clarifying.

  8. Posted by Clark | November 30, 2011 at 1:54 PM

    Jelly of the Month club? wtf?

    C.W.Griswold

  9. Posted by Guest | November 30, 2011 at 2:24 PM

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

  10. Posted by guest | November 30, 2011 at 2:38 PM

    That's actually not terrible?

  11. Posted by RobbRoy | November 30, 2011 at 2:52 PM

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

  12. Posted by RobbRoy | November 30, 2011 at 2:52 PM

    assuming of course 6-months + down time

  13. Posted by CITI MW3 master | November 30, 2011 at 3:07 PM

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

  14. Posted by Guest | November 30, 2011 at 3:09 PM

    You will get paid 1 month for every year you have worked, subject to a minimum of 3 years equivalent, and a max of 20 years

  15. Posted by MW3 lvl 50 prestige | November 30, 2011 at 3:21 PM

    ty

  16. Posted by Bossman | November 30, 2011 at 3:30 PM

    you should probably just start packing up your stuff

    -Vic

  17. Posted by ex-RBSer | November 30, 2011 at 4:20 PM

    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.

  18. Posted by RobbRoy | November 30, 2011 at 5:02 PM

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

  19. Posted by RobbRoy | November 30, 2011 at 5:09 PM

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

  20. Posted by Guest | November 30, 2011 at 5:20 PM

    Info above is pretty much citi standard

  21. Posted by I'M one of the 53% | December 1, 2011 at 6:09 AM

    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………

  22. Posted by Guest | December 1, 2011 at 9:49 AM

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

  23. Posted by Herb Schmertz | December 1, 2011 at 10:14 AM

    You are such a dick, it's astounding.

  24. Posted by Guest | December 1, 2011 at 10:19 AM

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

  25. Posted by Bank4life | December 1, 2011 at 10:35 AM

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

  26. Posted by Merchant Refugee | December 1, 2011 at 10:35 AM

    OWS?

  27. Posted by Guest | December 1, 2011 at 10:37 AM

    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

  28. Posted by I'M one of the 53% | December 1, 2011 at 10:38 AM

    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!

  29. Posted by Herb Schmertz | December 1, 2011 at 10:50 AM

    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.

  30. Posted by Nick | December 1, 2011 at 11:14 AM

    dragon slayerrrrr

  31. Posted by Guest | December 1, 2011 at 11:16 AM

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

  32. Posted by NYRebel2003 | December 1, 2011 at 2:32 PM

    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.

  33. Posted by nyrebel2003 | December 1, 2011 at 2:35 PM

    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.

  34. Posted by BAC | December 1, 2011 at 3:03 PM

    bad week back to eating pork beans

  35. Posted by contango | December 1, 2011 at 4:05 PM

    probably another 40 year old AVP who never quite made it, but like spretending he did

  36. Posted by I'M one of the 53% | December 1, 2011 at 10:29 PM

    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……….

  37. Posted by Ralf | December 2, 2011 at 10:19 AM

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

  38. Posted by Ki Bin Kim | December 10, 2011 at 9:50 PM

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

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