Skip to main content

Firing A Bunch Of People Really Helped Citi's Bottom Line Last Quarter

So that's nice for...the bank.
  • Author:
  • Updated:

Thank you for your sacrifices. Mikey C. and the Citi shareholders will never forget what each and every one of you did for this company the day you packed up your things and left the building forever.

Citigroup Inc. reported first-quarter profit that beat analysts’ estimates, joining big U.S. rivals in slashing costs more than anticipated amid a trading and dealmaking slump. Net income fell 27 percent to $3.5 billion, or $1.10 a share, from $4.77 billion, or $1.51, a year earlier, the company said Friday in a statement. That beat the $1.03 estimate of 24 analysts surveyed by Bloomberg...Corbat has exited consumer banking in more than a dozen countries and jettisoned assets that don’t meet his vision. Earlier this year, the bank also began a round of dismissals said to number in the thousands, with at least 2,000 people leaving. The lender will cut about 70 traders and salespeople in London this month.

Citigroup Beats Estimates as Cost Cuts Mitigate Revenue Drop


Bank Of America To Fire A Bunch Of Employees Just For Fun

Actually, we don't know several dozen employees in  the bank's global markets unit in Asia are going to be fired, only that these cuts are not part of Project New BAC (the company's plan to save $8 billion by laying off 40,000), so "just for fun" is one possibility. Bank of America plans to cut about 40 jobs at its global markets unit in Asia, a person with knowledge of the matter said. The reductions aren’t part of the Project New BAC program announced last year to pare expenses, according to the person, who asked not to be identified because the matter is confidential and declined to provide additional details. Shirley Wong, a Hong Kong-based spokeswoman for the Charlotte, North Carolina-based bank, declined to comment. [Bloomberg]

Layoffs Watch '12: Citigroup Is On Top Of Its Firings

For those worried they'd fallen behind.