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Layoffs Watch '08: Citi

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The Big C is said to be making cuts in convertible sales and trading this morning. No word on whether or not holiday parties are getting whacked but I'd be extremely surprised if the firm went the way of BarcLehs, Morgan Stanley et al. It's been pretty well-documented that 90 percent of the reason Vikula took the job as CEO was so he could don a beard and have employees line up to be bounced on his knee next to a tree without judgment. That's not the sort of thing he'd give up without a fight. He'll get rid of half the staff, phones and non-color copies before he surrenders the suit.