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
We need a "Citi Sucks Guy"
-Biff
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]
New Cti managment is starting to look like the old Citi managment
This is bad news for India
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.
TriBeCa will never be the same
CitiGrinch Strikes Again.
- Guy who steals headlines from the NY Post
ShitiGroup. That's all I have to say.
- Stater of the obvious
Hey!
I hope you plan to BBQ outdoors this Christmas, Mike.
- S Claus
you suck
Vikram gazing back in sorrow?
Make sure you learn to negotiate your severance package BEFORE you get laid, off.
They only took a $45 billion bailout and still paid huge bonuses, come on now!
I suck.
1. Announce layoffs before Christmas
2. Fire people before bonuses
3. ????
4. PROFIT!!!!
no! i suck
Every day I keep hoping that you fell onto your sword, as an honorable person in your position should.
At this rate, they'll have to change their name to CitiIndividual
Interesting placement.
- Comma Samurai
There's 11,000 potential customers out there – why are you still here?
Well that wasn't in the holiday spirit.
I duck.
At least they waited until Diwali was over, how considerate to the mostly Indian fellows that will be let go.
Hay!
Krill!
No need for ????. I think you figured out the plan.
Eh, guess the Citi will be sleeping after all
You're a douche.
You're an idiot and not funny at all. Just thought you should know (it's Christmas, after all).
Archer: Where did you learn all that stuff?
Pam: You know I grew up on a farm, right?
Archer: Really hoping that's not relevant.
Subway tracks with camera flashes flashing
Long Island City will never be the same. Fixed it for you.
Just an FYI- in the last few years, there has been a change in nomenclature. Bank tellers now also fall under the umbrella "investment bankers". Please consider this when allocating your sympathy.
They weren't so considerate to poor vikram
With the fishes, that is!
No, you fuck.
-client 9
Depends on the holiday– after all, Friday is Pearl Harbor Day.
Hey, Citi, would you like to buy a HF?
Arrrgghh!
-Ahab
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,
Surprises are always better on Dec 7
Wow, that's original!
-1982
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.
Let's see how much Corbat pays himself now…so sad.
No I duck.
He was airing his grievances.
Do I fucking stutter?
Signed, The Media.
PGII tryna set a record for half ass follow-on posts within a one minute span today?
Do work.
Really, you think LaxBro's dad frequently considers whether to raid his son's closet for a tie when getting ready in the morning?
Too soon.
Yeah, try again on Friday.
The banks are now starting to shed the jobs. For the longest time businesses where the only one.
This is a heck of a recovery
http://www.dailyjobcuts.com
Actually shitigroup's only been around since 1998. The group part was dropped and rebranded as just shiti in 2007.
-formely shiti now douchey
Show some respect, it's spelled Dad*
- Big fan of 43's Decision Points
Duck season!
Surprise to whom exactly? It was obvious to me who dragged us into the war.
- Ghost of Joe Kennedy, Sr
There is a layoff or sumptin?
Good Burger > your fav DVD
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.
HA only when you bankers are unemployed do you care about C-suite comp disparity. For the past 5 years you made snarky remarks about the blue collar workers around the US making 1/500th of the CEO. Yup, those are just white trash lucky to have a job. Good to hear you've been humbled. Maybe you'll be compassionate enough to stop voting for republicans who don't give a shit about you.
Amen!
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…..
Corbat – looking for another body? stop by the 3rd floor and look for the big oaf, Bandeen…..'nuff said!
corbat dallas multipass!
That has Upper Management written allover him
…Priceless!!!!
Bada Bing.
Welcome to Dealbreaker, Maxine. Brushing up on your research for your new committee assignment?
Or I guess they could just be happy with that $600MM of profit?
- Guy looking quizzically between the above post and his calculator
Joe wasn't an anti-Semite, he was merely misunderstood isolationist!
Let me double check…
900MM-300MM=600MM
Yep, that's right.
you see apple today
you just cluing in ?
we're here to loot the place.
rapidly where possible
Hey !
grrr
Allaaaah al AKHBAR !!
Don't you need to divide both sides by MM?
Exactly !
your sentence structure
indicates
you have
too much
time
on your hands.
3. GOTO 4
This is akin the publics impression of, "traders" at execution desks.
That's blood you pussy.
He's overcompensating for the reach on client 9
I'll stick with buy AAPL, sell half in another account somewhere else.
DK the loser and celebrate !
At least you didn't have to decide which $35,000 trash can would look best sitting under your desk next to your Ferragamo loafers.
It was the shower curtain, trying to figure out which would best reflect sunlight off my skin, that I struggled with.
It's a trap!
What do you mean "you bankers"?
You realized your comment was only a 'fatcat' away from hitting for the cycle, correct?
Is that 900mm 'earnings from continuing operations'??
Your blending issues
Hmmm, no wonder why book sales are surging!
shut the fuck up
Least she has a job.
You're not going to be able to write a book with that language.
Here you go: http://www.merriam-webster.com/
In order for it to constitute a job, there has to be a paycheck involved.
can someone remind me why we hate this guy
I think you'll find the umbrella is no longer their logo. Not sure what it is this month.
Well, primarily because every comment he makes is a plug for his ebook.
Also, the general sliminess of trying to get laid off vs…. oh idk, getting another job, seems like a good reason.
It's symbolic for the shit storm coming.
1 book sold to some poor sob = "surging"
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
In life, there must be a balance between reason and faith. A person who runs on pure reason will never find fulfillment in his accomplishments,
I have to say that the information here was the most complete that I found anywhere. It is very fascinating, You’re a very professional blogger. I can’t wait to read more from you.
quotes about liars
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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