Layoffs Watch '08: Citigroup
That's right, I said '08. The Land o' Vikram is said to be postponing its axings until the second week of January, just before bonuses are announced, though decisions regarding who will soon be signing up for Chuck Prince's "Fired By Citi? You Are Not Alone: A Daily E-mail" have apparently already been made (if he breaks 10,000 subscribers...nothing worth noting will happen). Managers supposedly handed over the names of people in their respective groups who are going down for the dirt nap last week, so if you're reading this and think you might be one of them, I guess it's too late to do anything about it and you might as well keep doing what you're doing, i.e. reading Dealbreaker and chillaxing in general (we've got some great FBN Happy Hour clips coming up this afternoon, if that's something that interests you, and if not, there's always backdating and proxy access to look forward to).
Comments
Wonder if ML is up to the same?
Posted by: A-Non | December 17, 2007 11:03 AM
Not true. P&L/headcount for next year is still being finalized.
Posted by: comment | December 17, 2007 11:19 AM
how is '08 P&L being finalized? dont we need to wait for this time next year until that happens?
Posted by: Anonymous | December 17, 2007 11:24 AM
he means 08 BUDGET P&L
Posted by: Anonymous | December 17, 2007 11:29 AM
P&L plan is probably still being finalized everywhere, don't they typically work on it until the end of the year?
Posted by: Anonymous | December 17, 2007 11:30 AM
this is true
Posted by: manager | December 17, 2007 11:30 AM
Not sure what's worse...knowing that you MAY get canned in January, or knowing that you MAY get canned, and if you don't, you're going to get paid a humiliating bonus.
Posted by: WDE | December 17, 2007 11:31 AM
I'm getting a little confused with the back and forth, but what generally happens is that around this time of year the budget for the following year gets finalized. Not to oversimplify, but generally operating units submit projections, senior management imposes or negotiates final targets. One of the ways for an operating unit to meet their target is to cut expenses, i.e. institute layoffs. If C is early in the budget process, as was implied above, those expense targets and layoff numbers have not yet been finalized.
Posted by: Anonymous | December 17, 2007 11:41 AM
I heard Ron Paul is hiring.
Posted by: Lew Dunbar | December 17, 2007 11:49 AM
yeah he needs someone that knows how to count money
Posted by: Anonymous | December 17, 2007 11:56 AM
I heard that if Ron Paul had been president, we wouldn’t be in this mess although everyone would get their bonuses paid in cases of Mike’s Hard Lemonade. Refreshing goodness.
Posted by: Mr. Yello | December 17, 2007 12:01 PM
C needs to tell 40-50,000 employees to go seek employment opportunities elsewhere. I hear ethanol is making a comeback in Iowa.
Posted by: just me | December 17, 2007 12:25 PM
Not sure why anyone thinks the Mike's Hard Lemonade jokes are funny anymore...hearing the same joke 10,000+ times will do that.
Posted by: A-Non | December 17, 2007 12:28 PM
He-Whose-Name-Shall-Not-Be-Mentioned actually has a complete chimp for a fundraising director, it's all his supporters who get the money raised.
Posted by: Anonymous | December 17, 2007 12:33 PM
apparently, the RP crazies only pick up on his name in the main posts, not in the comments
Posted by: Anonymous | December 17, 2007 12:55 PM
Mike's Hard Lemonade is actually Ron Paul's urine. Drinking a lot of it makes girls want to take their clothes off.
Posted by: Anonymous | December 17, 2007 01:48 PM
When a company is downsizing, never consider a budget to be finalized. It will continue to be cut during the year so no job is really safe (except for the top guy's closest friends).
Posted by: Anonymous | December 17, 2007 02:40 PM
This has been confirmed.
Posted by: Sharon Powers | December 17, 2007 03:05 PM
By who? I'm a manager at Citi and am friends with a number of managers... none of us have been given any numbers. This is all still rumors.
Posted by: No Name | December 17, 2007 07:37 PM
The CDO group is getting the ax tomorrow.
Posted by: Anonymous | December 17, 2007 08:02 PM
No Name - what part of Citi are you in ? this has happened in the investment bank across Fixed Income .
Posted by: Anon | December 17, 2007 08:45 PM
@8:02, which CDO group are you talking about, or are you just full of it ?
Posted by: Anon | December 17, 2007 09:15 PM
I heard C is firing all their traders, salespeople and managers tomorrow and putting their capital into GS' new fund.
Posted by: just me | December 18, 2007 05:40 AM
has anyone heard more on this?
Posted by: anon | December 18, 2007 01:27 PM
8:02 was on the money...CDO group getting cut today...hmm
Posted by: Anonymous | December 18, 2007 01:34 PM
anybody heard about cuts from GWM? it has been awfully quiet there...
Posted by: anon | December 18, 2007 02:36 PM
No news on GWM
Posted by: Anonymous | December 19, 2007 10:21 AM
That's hot!!
Posted by: Paris Hilton | December 19, 2007 10:25 AM
CDO rumors confirmed, they were let go yesterday the 18th.
Posted by: Anon | December 19, 2007 12:05 PM
GWM is doing their numbers for layoffs as we speak
Posted by: Anonymous | December 19, 2007 01:13 PM
What the heck is GWM ?
Posted by: Anon | December 20, 2007 09:56 PM
GWM = Global Wealth Management (?)
Or on Craigs list Gay White Male
Posted by: Anonymous | December 20, 2007 11:42 PM
what about small companies blong to citi. I work in lava trading which is the technology co for citi
Posted by: Anonymous | December 23, 2007 07:55 PM
I heard Citi announcing big lafoff on 7th Jan. Is that true?
Posted by: Anonymous | December 29, 2007 08:00 PM
I heard it is the jan the 3rd,but not sure of the number. it used to be 45,000 and now they say it will be 20,000
Posted by: Anonymous | December 30, 2007 08:40 AM
i heard layoffs will begin Tues. the 8th
Posted by: Anonymous | January 3, 2008 08:33 AM
Does anybody know if M&A advisory guys in investment banks be laid off?
Posted by: Anonymous | January 4, 2008 06:04 AM
What about UBS?
Posted by: Anonymous | January 4, 2008 06:06 AM