Choice number one: everyone starts earning more money for the bank, following an exhilarating pep rally run by Corbat in the cafeteria involving senior executives shooting Citi swag into the crowd out of tee-shirt guns, cheerleaders, and a Spartacus Workout demo with before/after shots of MC, meant to inspire people and show them what they’re capable of if they really put their minds to something. Choice number two: Bank of America-style layoffs.

Michael Corbat, new chief executive officer, says he wants to run a more efficient bank. That means rousing or cutting one of Wall Street’s least productive workforces. Citigroup generated about $206,000 of revenue for each employee through the first nine months of the year, down 7.5 percent from the same period in 2011, while rivals including Wells Fargo & Co. posted increases, according to data compiled by Bloomberg. Excluding a one-time writedown of $4.7 billion, Citigroup’s productivity rose less than 1 percent…“It’s likely they will have some sort of headcount- reduction program more in line with Bank of America, which is looking to get rid of about 10 percent of employees,” said Erik Oja, an equities analyst at Standard & Poor’s in New York. “Having the lowest revenue per employee is something they will have to address, and growing the revenues is pretty tough right now with net interest margins falling and loan growth so low.”

Pandit probably was distracted from his cost-cutting goal as he grappled with public rebukes while trying to sell unwanted assets, said David Knutson, a credit analyst with Legal & General Investment Management America in Chicago, which owns Citigroup debt. Disposing of Citi Holdings assets remains “the elephant in the room,” he said. “He had a lot of plates in the air, and there were a couple of setbacks,” Knutson said. “Expense cuts are painful, and you’ve got to gore some sacred cows,” Knutson said.

So anyway, think about it, decide which route you want to go, get back to him with an answer by the end of the week.

Citigroup Productivity Worst of Big Banks Shows Challenge [Bloomberg]
Earlier: Mike Corbat Will Torch The Fat Off Citi Like He Torched The Fat Off His Abs
Related: Bank Of America Hoping To Fire Thousands Of Employees In Record Time

42 comments (hidden to protect delicate sensibilities)
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Comments (42)

  1. Posted by Guest | October 25, 2012 at 1:33 PM

    Elephants, sacred cows, plates in the air… is this a bank or a goddammed 3 ring circus?

  2. Posted by guest | October 25, 2012 at 1:35 PM

    "hamstrung with legacy issues" = This is all Pandits mess, I'm gonna try my best. No promises.

  3. Posted by Vikram's Hindi Pal | October 25, 2012 at 1:51 PM

    "you’ve got to gore some sacred cows,”

    Buddy might want to start examining some motives along with those Citi debt instruments, just saying.

  4. Posted by Just saying | October 25, 2012 at 1:52 PM

    thanks barry-

  5. Posted by Confused | October 25, 2012 at 2:03 PM

    This may be a stupid question, so please weigh in on this, but isn't looking at revenue per employee and comparing it to non-consumer banks kinda dumb? (I know Wells Fargo is a consumer bank, and when I say consumer bank, I mean ATMs, branches, etc. And c'mon, half the bitching is that Citi sucks compared to JPM/GS anyway.)

    If you have a huge number of bank tellers, it's not like you're generating a ton of revenue with them, but you're also not paying that a lot of money.

  6. Posted by Guest | October 25, 2012 at 2:06 PM

    1. Senior execs shoot Citi swag into crowd
    2. Gore sacred cows
    3. 1000 bicep curls
    4. Profit

  7. Posted by Theorist Dbreakerist | October 25, 2012 at 2:08 PM

    Based on the picture, Mike Corbat is nanomorph mimetic poly-alloy assassin ie: T-1000. I'm long C.

  8. Posted by Guest | October 25, 2012 at 2:11 PM

    Posing for a picture with dumbbells and your hat on backwards at 52 says it all.

  9. Posted by Louis Winthorpe III | October 25, 2012 at 2:13 PM

    Take out GS and MS if you want, but do you still find it unfair to compare Citi to Bank of America, Wells Fargo, and JPMorgan Chase?

  10. Posted by Guest | October 25, 2012 at 2:13 PM

    Actually I take that back, it doesn't.

  11. Posted by Guest | October 25, 2012 at 2:13 PM

    You blind bro?

  12. Posted by Hobbes | October 25, 2012 at 2:17 PM

    Sounds like India to me.

    V. Pandit

  13. Posted by Benign Non-Sequitur | October 25, 2012 at 2:20 PM

    The Druries are looking spectacular today.

  14. Posted by Just saying | October 25, 2012 at 2:23 PM

    just noticed that myself. Will try not to do a kentucky glue gun.

  15. Posted by mittens | October 25, 2012 at 2:26 PM

    You realize (based on my analysis of the readers here) that you probably think that guy should be second in line to the nuke button, right?

  16. Posted by Penny | October 25, 2012 at 2:36 PM

    no one's buying your analysis here….Louis

  17. Posted by Confused | October 25, 2012 at 2:37 PM

    I'd take Wells and Chase out. They're not really as big consumer banking-wise as BofA, neh? And BofA is about as equally shitty as Citi, and they're doing layoffs. To get them in line with what? Smaller banks like Wells and Chase. Looks you can compare, but comparison none to good, eh?

  18. Posted by In case you forgot | October 25, 2012 at 2:37 PM

    Biden.

    'nufff said.

  19. Posted by Laxman | October 25, 2012 at 2:37 PM

    Blindbro ?

  20. Posted by Platinummun | October 25, 2012 at 2:38 PM

    triple that, I think she lost weight in her waist, and it highlights the tastys

  21. Posted by Guest | October 25, 2012 at 2:38 PM

    How is he going to run the bank and find time for his Comedy Central gig every night?

  22. Posted by Rakoff | October 25, 2012 at 2:48 PM

    Exactly, you've recreated the disaster of your own spectacularly failed and deeply corrupt society ?

  23. Posted by Guest | October 25, 2012 at 2:50 PM

    I'd put posters of Meredith Whitney dressed as the Grim Reaper in all the elevators….as a start.

  24. Posted by Guest | October 25, 2012 at 2:51 PM
  25. Posted by Platinummun | October 25, 2012 at 2:51 PM

    is it really necessary to explain that the picture is not him ?

  26. Posted by Blindbro | October 25, 2012 at 2:53 PM

    Let me touch your face

  27. Posted by Guest | October 25, 2012 at 3:08 PM

    Citi is sitting on an ass-ton of prime real estate. Why not transform their trading floors into lofts?

  28. Posted by UBS Stmaford | October 25, 2012 at 3:19 PM

    Hey !

  29. Posted by Guest | October 25, 2012 at 3:39 PM

    Yeah, but I bet he can't bench 350.

    -Guy in Chicago with grandfather problems

  30. Posted by barryzitoisaunicorn | October 25, 2012 at 3:51 PM

    Can't figure out what grandfather problems means but I can't stop laughing about it so I don't care.

    Grandfather problems.

  31. Posted by Go back one day | October 25, 2012 at 3:53 PM

    Try to keep up.

  32. Posted by B-1 | October 25, 2012 at 3:56 PM

    Where the hell's the records room?

  33. Posted by Sad chick | October 25, 2012 at 4:02 PM

    He's a grandfather, and should you be talking after last month ??

  34. Posted by Guest | October 25, 2012 at 4:08 PM

    "That means rousing or cutting one of Wall Street’s least productive workforces."

    Phew.

    -Kweku

  35. Posted by B-52s | October 25, 2012 at 4:12 PM

    If you see a faded sign by the side of the road that says
    15 miles to the love shack', love shack, yeah, yeah
    I'm headin' down the Atlanta highway
    Lookin' for the love getaway, heading for the love getaway
    I got me a car, it's as big as a whale
    And we're headin' on down to the love shack
    I got me a Chrysler, it seats about 20
    So hurry up and bring your jukebox money

  36. Posted by John E. Corzine | October 25, 2012 at 4:16 PM

    Or start swinging for the fences again ya know. It's been 5 years. I was looking into this interesting nigerian debt offering that just came last week at about 10 over.

  37. Posted by Guest | October 25, 2012 at 4:22 PM

    Sacred cows? Way to kick a brother when he's down Knutson.

    – VP

  38. Posted by Guest | October 25, 2012 at 4:25 PM

    Mandelbaum!

  39. Posted by Guest | October 25, 2012 at 5:29 PM

    Next time you see comedic gold like those first two comments, just shut your cake hole and admire it from a distance.

  40. Posted by guest | October 25, 2012 at 5:38 PM

    and deeply, deeply examine your motives.

    (PS "Rakoff"… is that Soviet?)

  41. Posted by R. Burgundy | October 25, 2012 at 5:42 PM

    1001, 1002, 1003… Oh, hey Veronica..

  42. Posted by Rakoff | October 25, 2012 at 5:45 PM

    I judge indians. That's what I do. Be happy with two years.