• 19 Nov 2012 at 11:47 AM

Layoffs Watch ’12: Citigroup Is On Top Of Its Firings

For those worried they’d fallen behind.

Citigroup is on track to eliminate 300 sales-and-trading jobs globally in 2012, according to people briefed on the process. The cuts follow a 5% reduction in Citigroup’s securities-and-banking unit last year, a move that culled 900 jobs. The sales-and-trading business is part of the securities unit, which employs roughly 17,000 people…The current round of job cuts was set in motion before the ouster last month of Vikram Pandit, Citigroup’s chief executive, and John Havens, the president and chief operating officer, who also ran the investment bank, the people said. Both Mr. Pandit and his successor, Michael Corbat, have said that controlling expenses is a priority. “We will remain extraordinarily focused on our efficiency ratios and our overall expense levels,” Mr. Corbat told analysts on Oct. 16, the day he was named to succeed Mr. Pandit.

Citigroup On Track With Job Cuts In Sales, Trading [WSJ]

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Comments (8)

  1. Posted by Lowly Assistant | November 19, 2012 at 1:10 PM

    First!

  2. Posted by The Optimist | November 19, 2012 at 1:39 PM

    Only 300? That's nothing! Must be a slow Layoffs Watch day

  3. Posted by GeneralMills | November 19, 2012 at 1:40 PM

    The nutritional content of Count Chocula will be unaffected by these cuts. Thank you.

  4. Posted by Hobbes | November 19, 2012 at 1:54 PM

    THIS IS SPARTA!!!

    – Michael Corbat

  5. Posted by cum stain quant | November 19, 2012 at 3:00 PM

    inb4 UBS Joke

  6. Posted by guest | November 19, 2012 at 3:31 PM

    put bandeen on the list

  7. Posted by Jacob | November 19, 2012 at 6:29 PM

    Don’t forget to engineer your layoff like Financial Samurai says!

  8. Posted by UBS Office Lackey | November 19, 2012 at 6:41 PM

    Please fire me……oh wait I don/t get paid to begin with, nevermind