Back in October, new Citi CEO Mike Corbat’s personal trainer predicted that Vikram Pandit’s replacement would waste no time whipping the place into shape, just like he whipped himself into shape in 2010 with the fat-torching Spartacus Workout. Whereas someone else might’ve let the bank have until the new year to get serious, allowing for one last season of pigs in a blanket and egg nog and late night pizza and entire gingerbread houses, Citi’s day’s of “I’ll start the diet tomorrow” are over. Corbat’s transformation plan starts TODAY. Read more »
Cuts are expected to go down at the House Of BD. Read more »
Earlier this week, it was reported that RBS would be taking the next couple months to decide which businesses it wants to “remain in” and which it doesn’t. Management was said to be considering “shutting or selling” its equities unit and, as these things go, laying off the 1,000 people it employs, as well as others who may find themselves working in a division the royalest bank isn’t so keen on anymore. As humans tend not to look on the bright side of potentially getting fired, the staff has been in a bit of a funk lately. Hearing the team needed some frowns turned upside down, Global Banking & Markets CEO John Hourican sent out a memo this morning attempting to do just that, by noting 1) that everything everyone’s read about layoffs and the closing of entire business units is true, but that all that was communicated, like, a couple months ago, so let’s not act like it’s coming as a shock 2) everyone in finance is making tough choices right now 3) obviously, though, we’ve had our teeth kicked in harder than most 4) contrary to popular belief, we’re not just putting your names in a hat and deciding who gets fired from there 5) Happy holidays. Do something nice for yourself, you deserve it. Read more »
And the response by the Amaranth investor who for some reason was on the distribution list. Read more »
Analysts and associates laid off last week from Jefferies apparently received a whopping 4 weeks + zero percent of last year’s bonus.