• 05 Dec 2012 at 10:14 AM

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

Comments (111)

  1. Posted by Cliff Assness | December 5, 2012 at 10:16 AM

    We need a "Citi Sucks Guy"

    -Biff

  2. Posted by Screenwriter | December 5, 2012 at 10:21 AM

    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. Posted by Guest | December 5, 2012 at 10:22 AM

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

  4. Posted by India | December 5, 2012 at 10:25 AM

    This is bad news for India

  5. Posted by sorry | December 5, 2012 at 10:35 AM

    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. Posted by Guest | December 5, 2012 at 10:40 AM

    TriBeCa will never be the same

  7. Posted by Haterade | December 5, 2012 at 10:41 AM

    CitiGrinch Strikes Again.

    - Guy who steals headlines from the NY Post

  8. Posted by Guest | December 5, 2012 at 10:44 AM

    ShitiGroup. That's all I have to say.

    - Stater of the obvious

  9. Posted by Ferragamo | December 5, 2012 at 10:48 AM

    Hey!

  10. Posted by pazzo83 | December 5, 2012 at 10:54 AM

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

    - S Claus

  11. Posted by fama | December 5, 2012 at 11:00 AM

    you suck

  12. Posted by Billboard Man | December 5, 2012 at 11:06 AM

    Vikram gazing back in sorrow?

  13. Posted by Financial Samurai | December 5, 2012 at 11:12 AM

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

  14. Posted by Financial Samurai | December 5, 2012 at 11:13 AM

    They only took a $45 billion bailout and still paid huge bonuses, come on now!

  15. Posted by Dyson | December 5, 2012 at 11:14 AM

    I suck.

  16. Posted by Guest | December 5, 2012 at 11:16 AM

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

  17. Posted by ashley dupree | December 5, 2012 at 11:24 AM

    no! i suck

  18. Posted by Guest | December 5, 2012 at 11:26 AM

    Every day I keep hoping that you fell onto your sword, as an honorable person in your position should.

  19. Posted by Guest | December 5, 2012 at 11:28 AM

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

  20. Posted by pazzo83 | December 5, 2012 at 11:32 AM

    Interesting placement.

    - Comma Samurai

  21. Posted by Go. Please | December 5, 2012 at 11:32 AM

    There's 11,000 potential customers out there – why are you still here?

  22. Posted by Festivus | December 5, 2012 at 11:34 AM

    Well that wasn't in the holiday spirit.

  23. Posted by Soros | December 5, 2012 at 11:37 AM

    I duck.

  24. Posted by Guest | December 5, 2012 at 11:38 AM

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

  25. Posted by Horse | December 5, 2012 at 11:38 AM

    Hay!

  26. Posted by Whale | December 5, 2012 at 11:40 AM

    Krill!

  27. Posted by guest | December 5, 2012 at 11:44 AM

    No need for ????. I think you figured out the plan.

  28. Posted by guest | December 5, 2012 at 11:44 AM

    Eh, guess the Citi will be sleeping after all

  29. Posted by guest | December 5, 2012 at 11:55 AM

    You're a douche.

  30. Posted by guest | December 5, 2012 at 11:56 AM

    You're an idiot and not funny at all. Just thought you should know (it's Christmas, after all).

  31. Posted by Guest | December 5, 2012 at 11:56 AM

    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.

  32. Posted by Cliff Assness | December 5, 2012 at 11:57 AM

    Subway tracks with camera flashes flashing

  33. Posted by CitiGuest | December 5, 2012 at 11:58 AM

    Long Island City will never be the same. Fixed it for you.

  34. Posted by Guest | December 5, 2012 at 11:59 AM

    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.

  35. Posted by Guest | December 5, 2012 at 12:04 PM

    They weren't so considerate to poor vikram

  36. Posted by Your uncle | December 5, 2012 at 12:09 PM

    With the fishes, that is!

  37. Posted by PermaGuestII | December 5, 2012 at 12:14 PM

    No, you fuck.

    -client 9

  38. Posted by PermaGuestII | December 5, 2012 at 12:15 PM

    Depends on the holiday– after all, Friday is Pearl Harbor Day.

  39. Posted by Head Fleece | December 5, 2012 at 12:16 PM

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

  40. Posted by PermaGuestII | December 5, 2012 at 12:16 PM

    Arrrgghh!

    -Ahab

  41. Posted by Vik | December 5, 2012 at 12:16 PM

    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,

  42. Posted by Gen. Tojo | December 5, 2012 at 12:17 PM

    Surprises are always better on Dec 7

  43. Posted by PermaGuestII | December 5, 2012 at 12:17 PM

    Wow, that's original!

    -1982

  44. Posted by UBS Marketing Pack | December 5, 2012 at 12:22 PM

    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.

  45. Posted by Former SB Employee | December 5, 2012 at 12:23 PM

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

  46. Posted by Donald | December 5, 2012 at 12:27 PM

    No I duck.

  47. Posted by Guest | December 5, 2012 at 12:28 PM

    He was airing his grievances.

  48. Posted by Roger Daltry | December 5, 2012 at 12:29 PM

    Do I fucking stutter?

  49. Posted by Guest | December 5, 2012 at 12:30 PM

    Signed, The Media.

  50. Posted by Perma Guessed | December 5, 2012 at 12:31 PM

    PGII tryna set a record for half ass follow-on posts within a one minute span today?

    Do work.

  51. Posted by Confused at T. Bell | December 5, 2012 at 12:40 PM

    Really, you think LaxBro's dad frequently considers whether to raid his son's closet for a tie when getting ready in the morning?

  52. Posted by Arizona | December 5, 2012 at 12:47 PM

    Too soon.

  53. Posted by Infamy | December 5, 2012 at 12:52 PM

    Yeah, try again on Friday.

  54. Posted by Guester | December 5, 2012 at 12:53 PM

    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

  55. Posted by Where is Everyone??? | December 5, 2012 at 1:21 PM

    Actually shitigroup's only been around since 1998. The group part was dropped and rebranded as just shiti in 2007.

    -formely shiti now douchey

  56. Posted by Laxbro | December 5, 2012 at 1:27 PM

    Show some respect, it's spelled Dad*

    - Big fan of 43's Decision Points

  57. Posted by Bugs | December 5, 2012 at 1:31 PM

    Duck season!

  58. Posted by Guest | December 5, 2012 at 1:32 PM

    Surprise to whom exactly? It was obvious to me who dragged us into the war.

    - Ghost of Joe Kennedy, Sr

  59. Posted by Chip Chipperson | December 5, 2012 at 1:32 PM

    There is a layoff or sumptin?

  60. Posted by Laxbro | December 5, 2012 at 1:35 PM

    Good Burger > your fav DVD

  61. Posted by Bob Slydell | December 5, 2012 at 1:41 PM

    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.

  62. Posted by Guest | December 5, 2012 at 2:06 PM

    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.

  63. Posted by JJSMALS | December 5, 2012 at 1:50 PM

    Amen!

  64. Posted by XCITI | December 5, 2012 at 1:57 PM

    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…..

  65. Posted by guy on 3rd floor | December 5, 2012 at 2:00 PM

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

  66. Posted by big dork | December 5, 2012 at 2:04 PM

    corbat dallas multipass!

  67. Posted by Peter Gibbons | December 5, 2012 at 2:09 PM

    That has Upper Management written allover him

  68. Posted by Old Slanted Roof | December 5, 2012 at 2:19 PM

    …Priceless!!!!

  69. Posted by Guest | December 5, 2012 at 2:24 PM

    Bada Bing.

  70. Posted by PermaGuestII | December 5, 2012 at 2:30 PM

    Welcome to Dealbreaker, Maxine. Brushing up on your research for your new committee assignment?

  71. Posted by Guest | December 5, 2012 at 2:33 PM

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

    - Guy looking quizzically between the above post and his calculator

  72. Posted by UBS History Quant | December 5, 2012 at 2:42 PM

    Joe wasn't an anti-Semite, he was merely misunderstood isolationist!

  73. Posted by UBS Arithmetic Quant | December 5, 2012 at 2:53 PM

    Let me double check…

    900MM-300MM=600MM

    Yep, that's right.

  74. Posted by Roche Rogue | December 5, 2012 at 3:12 PM

    you see apple today

  75. Posted by IBanker | December 5, 2012 at 3:13 PM

    you just cluing in ?

    we're here to loot the place.

    rapidly where possible

  76. Posted by John Thain | December 5, 2012 at 3:14 PM

    Hey !

  77. Posted by Arab | December 5, 2012 at 3:15 PM

    grrr

    Allaaaah al AKHBAR !!

  78. Posted by UBS Algebra quant | December 5, 2012 at 3:16 PM

    Don't you need to divide both sides by MM?

  79. Posted by Troy Polamalu | December 5, 2012 at 3:16 PM

    Exactly !

  80. Posted by HAL 9000 | December 5, 2012 at 3:29 PM

    your sentence structure

    indicates

    you have

    too much

    time

    on your hands.

  81. Posted by Apple IIe | December 5, 2012 at 3:35 PM

    3. GOTO 4

  82. Posted by Buy 3 | December 5, 2012 at 3:46 PM

    This is akin the publics impression of, "traders" at execution desks.

  83. Posted by Corbat | December 5, 2012 at 3:47 PM

    That's blood you pussy.

  84. Posted by Bess | December 5, 2012 at 3:48 PM

    He's overcompensating for the reach on client 9

  85. Posted by Roche Rogue | December 5, 2012 at 3:51 PM

    I'll stick with buy AAPL, sell half in another account somewhere else.

    DK the loser and celebrate !

  86. Posted by Thainmaker | December 5, 2012 at 3:56 PM

    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.

  87. Posted by D. Kozlowski | December 5, 2012 at 4:03 PM

    It was the shower curtain, trying to figure out which would best reflect sunlight off my skin, that I struggled with.

  88. Posted by Admiral Ackbar | December 5, 2012 at 4:06 PM

    It's a trap!

  89. Posted by Motives | December 5, 2012 at 4:09 PM

    What do you mean "you bankers"?

  90. Posted by Tin foil hat sale | December 5, 2012 at 4:11 PM

    You realized your comment was only a 'fatcat' away from hitting for the cycle, correct?

  91. Posted by Skilling | December 5, 2012 at 5:37 PM

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

  92. Posted by Glue maker | December 5, 2012 at 5:58 PM

    Your blending issues

  93. Posted by Financial Samurai | December 5, 2012 at 8:50 PM

    Hmmm, no wonder why book sales are surging!

  94. Posted by Please | December 5, 2012 at 10:30 PM

    shut the fuck up

  95. Posted by Jobless | December 5, 2012 at 11:24 PM

    Least she has a job.

  96. Posted by Writer | December 5, 2012 at 11:27 PM

    You're not going to be able to write a book with that language.

    Here you go: http://www.merriam-webster.com/

  97. Posted by guest | December 5, 2012 at 11:33 PM

    In order for it to constitute a job, there has to be a paycheck involved.

  98. Posted by newbie | December 6, 2012 at 7:53 AM

    can someone remind me why we hate this guy

  99. Posted by asdf1234 | December 6, 2012 at 8:25 AM

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

  100. Posted by Guest | December 6, 2012 at 8:58 AM

    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.

  101. Posted by guest | December 6, 2012 at 9:00 AM

    It's symbolic for the shit storm coming.

  102. Posted by whatever | December 6, 2012 at 4:10 PM

    1 book sold to some poor sob = "surging"

  103. Posted by MooseFister | December 6, 2012 at 8:39 PM

    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

  104. Posted by faith quotes | March 6, 2013 at 2:25 PM

    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,

  105. Posted by Miraz | March 26, 2013 at 4:50 AM

    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

  106. Posted by 3d renderings | April 7, 2013 at 5:04 PM

    will keep everyone on the right track. Developers can better deliver what they promise through using the 3D images as a definitive guide. Investors will now know what to expect.
    3d architectural rendering services

  107. Posted by duyentran | May 22, 2013 at 4:39 PM

    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

  108. Posted by ziip tv | June 10, 2013 at 11:43 AM

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

  109. Posted by Buy cheap wow gold | August 6, 2013 at 5:05 PM

    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. –
    Buy cheap wow gold

  110. Posted by make a video intro | November 26, 2013 at 12:21 AM

    Dammit, Scott, if I informed you once, I informed you a thousand times: We discover it's always better to flame individuals on a Saturday. Research have mathematically proven that there's less possibility of an occurrence if you do it at the end of the 7 days.

  111. Posted by amber | February 11, 2014 at 6:14 AM

    can keep all people on target. Programmers can certainly greater provide what they offer via while using animations pictures as being a defined guideline. Investors can today understand what can be expected.