Citigroup To Keep The Layoffs Coming Next Year

Last month, Citigroup announced that it was mulling over the idea of relieving 3,000 employees of their commitments to the firm. A couple weeks later, it decided that yes, that sounded like a good idea, and began giving people the signal. Perhaps to a) send a message that no one should get comfortable yet and b) make it clear to existing staff holding out hope that it was true their direct report just ran out for a pack of smokes and would be “back in 10” that no, Daddy’s not coming home, Uncle Vik announced today:

…the bank will cut about 4,500 jobs in coming quarters as Pandit seeks to trim costs amid slumping revenue. Citigroup will take a charge of about $400 million in the fourth quarter tied to the reductions, including severance, Pandit, 54, said today during an investor conference in New York. Citigroup, the third-biggest U.S. lender by assets, employed about 267,000 people at the end of the third quarter, according to a quarterly filing.

Citigroup Plans to Cut 4,500 Jobs [Bloomberg]

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7 Responses to “Citigroup To Keep The Layoffs Coming Next Year”

  1. The Truth says:

    Wow, they're firing 20% of their employees? Even we're not that bad.

    – UBS HR Quant

  2. DingaLing says:

    "And as always, have a safe and very Merry Christmas!"

    V. Pandit

  3. Guest says:

    Emphasis on safe

  4. Hmmm says:

    Give a man a bank and he can rob the word.

  5. XKNmBB A big thank you for your blog.Really thank you! Fantastic.