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Layoffs Watch ’12: Citigroup

As promised, new CEO Mike Corbat will be firing a few thousand people as part of the bank’s weight reduction program.

Citigroup said it will take a pretax charge of about $1 billion this quarter as part of a plan to eliminate more than 11,000 jobs. “These actions are logical next steps in Citi’s transformation,” Chief Executive Officer Michael Corbat said today in a statement. “While we are committed to — and our strategy continues to leverage — our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns. The plan will eliminate about 1,900 jobs in the institutional clients group, New York-based Citigroup said. It’s intended to ‘‘improve overall productivity in our markets business, especially in areas experiencing continued low profitability, such as cash equities.’’ About 6,200 jobs will come from the global consumer banking business at the company, Citigroup said. An additional 2,600 jobs will be eliminated in the operations and technology group and global functions.

Citigroup to Take $1 Billion Charge, Cut 11,000 Jobs [Bloomberg]
Related: Mike Corbat Will Torch The Fat Off Citi Like He Torched The Fat Off His Abs

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111 Responses to “Layoffs Watch ’12: Citigroup”

  1. Cliff Assness says:

    We need a "Citi Sucks Guy"

    -Biff

  2. Screenwriter says:

    Zorg: Sir, the Board of Directors contacted us about the expenses, they asked that we fire 5,000 workers from some of the smaller divisions.
    Corbat: Fire 11,000.
    Zorg: But, sir, they only wanted us to fire 5,000…..[trails off]….
    [Corbat delivers withering stare]
    Zorg: uhhh, yes sir, 11,000. [walks away]
    [Corbat continues withering stare, contemplates firing Zorg as well]

  3. Guest says:

    New Cti managment is starting to look like the old Citi managment

  4. India says:

    This is bad news for India

  5. sorry says:

    And Havens gets a $14 mil pay package. What about slicing that in half, where else is he going to go? I've been on Wall St for years, and sometimes, seeing a 3-weeks-before-Christmas layoffs announcement -primarily of bank tellers – just gets depressing when the guy making the announcement's biggest issue is debating "Hermes vs. Vineyard Vines" every morning.

  6. Guest says:

    TriBeCa will never be the same

  7. Haterade says:

    CitiGrinch Strikes Again.

    – Guy who steals headlines from the NY Post

  8. Guest says:

    ShitiGroup. That's all I have to say.

    – Stater of the obvious

  9. pazzo83 says:

    I hope you plan to BBQ outdoors this Christmas, Mike.

    – S Claus

  10. Billboard Man says:

    Vikram gazing back in sorrow?

  11. Make sure you learn to negotiate your severance package BEFORE you get laid, off.

  12. Guest says:

    1. Announce layoffs before Christmas
    2. Fire people before bonuses
    3. ????
    4. PROFIT!!!!

  13. Guest says:

    At this rate, they'll have to change their name to CitiIndividual

  14. Guest says:

    At least they waited until Diwali was over, how considerate to the mostly Indian fellows that will be let go.

  15. guest says:

    Eh, guess the Citi will be sleeping after all

  16. Head Fleece says:

    Hey, Citi, would you like to buy a HF?

  17. Vik says:

    Fellow Ex-Employees,

    I feel your pain.

    Word of advice: what helps me get through it is spending the day watching episodes of the "Odd Couple" starring Tony Randall and Jack Klugman from my complete DVD series in my Tony Randall apartment.

    Lots Of Love,

  18. Gen. Tojo says:

    Surprises are always better on Dec 7

  19. UBS Marketing Pack says:

    Our innovative cost cutting strategy demonstrates that UBS is consistently ahead of the curve. Recent reports have suggested that UBS continues to be the main source of inspiration for human resourcing strategies.

  20. Former SB Employee says:

    Let's see how much Corbat pays himself now…so sad.

  21. Chip Chipperson says:

    There is a layoff or sumptin?

  22. Bob Slydell says:

    Dammit, Mike, if I told you once, I told you a million times: We find it's always better to fire people on a Friday. Studies have statistically shown that there's less chance of an incident if you do it at the end of the week.

  23. XCITI says:

    This is typical Citi! Corbit is just another lifer know nothing do nothing manager. All these guys know how to do is fire people not turn around business. So it is $900MM in savings but a lose of $300MM in revenue? You mean to tell me you can reorganize the business to keep $300MM in revenue on the books? Just like you pissed away Smith Barney and now wealth management is the hot business de jour on WS. Wow bunch of geniuses out there…..

    • Guest says:

      Or I guess they could just be happy with that $600MM of profit?

      – Guy looking quizzically between the above post and his calculator

      • UBS Arithmetic Quant says:

        Let me double check…

        900MM-300MM=600MM

        Yep, that's right.

      • Skilling says:

        Is that 900mm 'earnings from continuing operations'??

      • MooseFister says:

        Um, you are assuming that Citi calculated that $300MM (and $900MM) correctly. Considering it is Citi, that is a huge leap of faith. Even I have trouble believing their numbers.

        – Iraqi Information Minister

  24. guy on 3rd floor says:

    Corbat – looking for another body? stop by the 3rd floor and look for the big oaf, Bandeen…..'nuff said!

  25. Hmmm, no wonder why book sales are surging!

  26. asdf1234 says:

    I think you'll find the umbrella is no longer their logo. Not sure what it is this month.

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    t’s intended to ‘‘improve overall productivity in our markets business, especially in areas experiencing continued low profitability, such as cash equities.’’ About 6,200 jobs will come from the global consumer banking business at the company, online word count

  31. ziip tv says:

    Let's see how much Corbat pays himself now…so sad.

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