Charlie Gasparino reports that Citi, having just realized that expenses are "now" getting out of control, is looking for creative ways to cut costs, stat. Supposedly, mid-level employees may be told over the next couple weeks that as part of a new and exciting compensation formula, they'll get to keep their jobs but not receive bonuses. Also, pay will no longer be salaried but hourly, which actually isn't that bad a deal, considering employees of the 'group are now required to work 24 hours a day. Vikram Pandit remains psyched about the company's prospects, and so should you.
Pandit Tightens Purse Strings [CNBC]