Back in October, new Citi CEO Mike Corbat’s personal trainer predicted that Vikram Pandit’s replacement would waste no time whipping the place into shape, just like he whipped himself into shape in 2010 with the fat-torching Spartacus Workout. Whereas someone else might’ve let the bank have until the new year to get serious, allowing for one last season of pigs in a blanket and egg nog and late night pizza and entire gingerbread houses, Citi’s day’s of “I’ll start the diet tomorrow” are over. Corbat’s  transformation plan starts TODAY.

Citigroup’s trading and investment-banking unit plans to eliminate 150 more jobs while shrinking bonuses by as much as 10 percent, extending the toll of Wall Street’s revenue slump, two people with direct knowledge of the decisions said. The dismissals, which will occur this quarter at the New York-based firm, will affect businesses including equities trading and underwriting, said one of the people, who requested anonymity because the plans haven’t been announced…Corbat replaced Pandit, 55, on Oct. 16. The new CEO told analysts that day that he “will remain extraordinarily focused on our efficiency ratios and our overall expense levels.”

And pack your gym bag tonight because tomorrow at 6AM it’s pull-ups and wind sprints on the street outside HQ.

Citigroup Said to Pare Bonuses as Investment Bank Cuts 150 Jobs [Bloomberg]
Earlier: Mike Corbat Will Torch The Fat Off Citi Like He Torched The Fat Off His Abs

Comments (8)

  1. Posted by guest | November 29, 2012 at 11:56 AM

    [pics up another ring-ding]
    - sandy w

  2. Posted by Onceandfutureskier | November 29, 2012 at 12:22 PM

    Not having to go from gct to TriBeCa every day is the NKI? I guess?

  3. Posted by Izzy | November 29, 2012 at 12:25 PM

    I'm here to whip to into shape. Now grab your jock, if you need one. It's go time!

    - Iron Mike Corbat

  4. Posted by Guesteban | November 29, 2012 at 12:46 PM

    If you can't be an athlete, be an athletic supporter.

  5. Posted by Walker | November 29, 2012 at 1:34 PM

    Just another example of the losers copying the cool kids.

  6. Posted by Short, But Long | November 29, 2012 at 2:27 PM

    So… Citi stepping in to help save the Twinkie is out then?

  7. Posted by Some Jerk | November 29, 2012 at 4:16 PM

    That photo is shopped, right?

    Seriously, if it isn’t, it’s like some mad scientist genetically engineered the perfect nerd. He’s been bred with the natural instinct to go to the gym and curl the lady weights, but everyone there finds themselves powerless to resist punching him square in the face every time he makes eye contact.

    Although, I suspect he would do a very good job on my taxes. With his muscles and such.

  8. Posted by it's really 3.51/sh | November 29, 2012 at 5:36 PM

    Corbat – you need to stop by the 3rd floor and put that oaf, bandeen on the list…addition by subtraction.