Citigroup may not know how to write a job listing, but it still knows how to drop the ax. And by “how,” we mean when, because some of its idle dealmakers—like those at Goldman Sachs, and presumably across the rest of the Street in the coming weeks—won’t be around for the big end-of-year check.
Citigroup Inc. eliminated dozens of jobs across its investment banking division this week…. The cuts impacted staffers globally within the investment-banking group, which includes its capital-markets arms….
Wall Street’s lenders regularly cull underperformers ahead of the annual bonus season that comes at the start of the year. Still, the move marks a reversal for Citigroup, which has been adding talent as it seeks to boost its position in certain sectors, including health care and technology.
The cuts and their timing may have been expected, but in addition to commiserations for the newly-unemployed, we must also offer congratulations to Jane Fraser & co., as this is exactly the kind of routine thing Citi usually manages to fuck up.