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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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8 Responses to “Layoffs Watch ’12: Citigroup Is On Top Of Its Firings”

  1. Lowly Assistant says:

    First!

  2. The Optimist says:

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

  3. GeneralMills says:

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

  4. cum stain quant says:

    inb4 UBS Joke

  5. guest says:

    put bandeen on the list

  6. Jacob says:

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

  7. UBS Office Lackey says:

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

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