Skip to main content

Layoffs Watch '08: Citi

  • Author:
  • Updated:

Yesterday we mentioned we were skeptical that Citi was able to get its shit together quickly enough to begin firing its employees merely one day after the 53,000 in cuts were announced. Today, we stand corrected. We're looking at a new Citi and this is one that moves its ass. According to one employee-- previously staffed in Latin American Credit Markets-- about 1,000 388 dwellers were shown the door yesterday, with deep cuts in sales and trading and "hedge fund-type groups" like the Global Special Situations Fund (which made it through the day but is expected to be canned in the new few hours). Supposedly today is going to be much worse, especially in LevFin and "any group in FI that remotely deals with either a) hard assets b) securitization c) has a high concentration of old Salomon people." Apparently the reason given by HR for dragging the cuts out over the week was, "There aren't enough of us left to do it all in one day." No word on whether or not Vikram's planning on pitching in with a few groups, and offering hugs on the way out (not that they'd even be much of a consolation prize, since he's in the midst of what appears to be a hunger strike and has lost nearly all his jolliness).