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Citi Firing 11,000

Tyler Durden's picture


Big news ahead of this Friday's NFP report:


"Sandy's fault?" or better yet, "Vikram's fault." Or maybe the economy is collapsing despite all the propaganda one is spoonfed. Considering the recent termination of over 50,000 by UBS we think we know the answer. And while C stock may jump on the news, the end result is that New York and the US have both just lost 11,000 less key taxpayers most of whom are almost certainly in the $250,000+ bucket. That said we can't wait for the BLS to take this data as somehow beneficial for the unemployment rate.

Full release:

Citigroup today announced a series of repositioning actions that will further reduce expenses and improve efficiency across the company while maintaining Citi’s unique capabilities to serve clients, especially in the emerging markets. These actions will result in increased business efficiency, streamlined operations and an optimized consumer footprint across geographies.

Michael Corbat, Citi’s Chief Executive Officer, said, “These actions are logical next steps in Citi's transformation. While we are committed to-- and our strategy continues to leverage-- our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns. And we will further increase our operating efficiency by reducing excess capacity and expenses, whether they center on technology, real estate or simplifying our operations.”

Due to this repositioning, Citi expects to record pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013. Citi currently expects that the repositioning will generate $900 million of expense savings benefitting 2013 results and that the annual expense savings will exceed $1.1 billion annually beginning in 2014. Citi also expects the repositioning actions to have a negative impact on annual revenues of less than $300 million. These actions will result in a reduction of more than 11,000 positions.

Citi expects the repositioning activity to affect the following businesses and functions:

Institutional Clients Group (ICG): Approximately 25% of the announced fourth quarter repositioning charges are expected in Securities & Banking with another 10% in Transaction Services. The repositioning actions are expected to result in a reduction of approximately 1,900 positions, of which more than half are in the Operations & Technology functions that support the business. The actions are designed to streamline our client coverage model in Banking and improve overall productivity in our Markets business, especially in areas experiencing continued low profitability such as cash equities.

Global Consumer Banking (GCB): Approximately 35% of the fourth quarter repositioning charges are expected to be incurred in Global Consumer Banking, resulting in a reduction of approximately 6,200 positions, of which approximately 40% are in the Operations & Technology functions that support the business. As a result of the repositioning actions, Citi expects to either sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay.

Consistent with Citi’s strategy of focusing on the 150 cities that have the highest growth potential in consumer banking, Citi will optimize its branch footprint and further concentrate its presence in major metropolitan areas. The markets affected by the reductions include Brazil (14 branches), Hong Kong (7), Hungary (4), Korea (15), and the United States (44).

Citi will continue to invest in its franchises in these countries to serve its targeted consumer segments. After this repositioning, Citi will have more than 4,000 retail branches around the world and all of the aforementioned countries will continue to be served by our institutional businesses.

Citi Holdings: Citi Holdings is expected to eliminate approximately 350 positions and incur approximately 5% of the repositioning charges. Most of the repositioning charges are related to branch rationalization in Greece and Spain.

Corporate/Other: About 25% of the announced repositioning charges are expected to be incurred in Corporate/Other.

Operations & Technology: Citi’s Operations & Technology function is expected to achieve greater efficiency through increasing standardization and the use of automated processes; streamlining the organizational structure; and consolidating functions and moving certain positions to lower-cost locations. In addition, there will be a consolidation of certain locations in Citi’s real estate portfolio. In addition to the reductions in Operations & Technology positions that support the ICG and GCB businesses, these actions will result in the reduction of approximately 2,300 positions that support corporate services, real estate, and Citi Holdings.

Global Functions: Roughly 300 Global Functions positions will be eliminated as a result of efficiency savings.

"Citi has come a long way over the past several years. We have been consistently profitable; our capital strength is among the highest in the industry; and we have shed hundreds of billions in assets and businesses that are not core to our strategy. We will continue to seek ways to optimize the execution of our strategy to better serve our clients and deliver results for all of our stakeholders," concluded Mr. Corbat.


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Wed, 12/05/2012 - 10:07 | 3035247 holdbuysell
holdbuysell's picture

This will be a nice offset to any tax hikes Obama jams through. /sarc

Wed, 12/05/2012 - 10:09 | 3035254 bania
bania's picture


Wed, 12/05/2012 - 10:14 | 3035259 GetZeeGold
GetZeeGold's picture



Tax revenue just took a major hit. Gonna need to find 11000 more rich people mucho pronto.

Wed, 12/05/2012 - 10:23 | 3035329 Xibalba
Xibalba's picture

. <------ my violin

Wed, 12/05/2012 - 10:36 | 3035384 El Viejo
El Viejo's picture

Some would consider me rich. I pay my taxes. I also served my country. I don't take bribes and think that those that do to become hyper-obscenely rich and powerful will get their just rewards. Play on mo ron.

Wed, 12/05/2012 - 10:43 | 3035422 aerojet
aerojet's picture

Congrats, you served those assholes.  What do you want for it since you called it out and all that?  I'm just stone-dead tired of all these veterans laying it on so thick.  It would have been better had you not served your country, sorry, but it is true and quite obvious.

Wed, 12/05/2012 - 10:56 | 3035451 El Viejo
El Viejo's picture

This country hasn't always been the cesspool that it is today. If the revolutionary soldiers had said I'm quitting cause I had to eat my shoes and there is snow on the ground and my feet are cold you would just be another british slave now and the cesspool would be much larger than it is.

Tell me, have you ever done anything for anyone other than yourself? If not then you are just another Darwinian jerk looking to enrich yourself.

Wed, 12/05/2012 - 11:10 | 3035560 Freddie
Freddie's picture

The Joint Cheifs and Pentagon are cowards supporting the muslim.  As long as people like Petraus get their muzzie whore spies. 

The Egyptians have more courage than Americans standing up to islamic terrorists that Obam/Saudi/Soros/Clinton install.

Wed, 12/05/2012 - 11:10 | 3035566 Mrmojorisin515
Mrmojorisin515's picture

what the hell are you talking about?

Wed, 12/05/2012 - 14:17 | 3036391 El Viejo
El Viejo's picture

In the slim chance you might be asking an honest question:

Wed, 12/05/2012 - 11:24 | 3035622 Sudden Debt
Sudden Debt's picture

euuhhh.... Yes I'm a Darwinian :)

People are descendants from apes. And they became "Humans" after the Aliens had sex with those apes.



Wed, 12/05/2012 - 11:50 | 3035748 Larry Dallas
Larry Dallas's picture

+1000 to aerojet.

Most of these people serve their country because they have to. Meaning they were fuck ups in high school in the midwest and other fly-over states and had no other way to get any sort of career started.

That is why the morale is so low. John Kerry stated it so eloquently, to paraphrase get good grades and go to college, if you don't then you will go Iraq.

Wed, 12/05/2012 - 12:36 | 3035964 vato poco
vato poco's picture

Congrats to Larry, winner of "most pompous & patronizing comment of day" award. Despite what you learned at Teacher's knee (and lap), bud, growing up in what you sneer at as 'flyover country' is actually an advantage for most kids.

Tell you what, champ: I'll line up 100 midwest high-school fuckups from, say, Des Moines and Mankato and Cape Girardeau. You line up 100 HS fuckups from Newark, Miami, Baltimore, Oakland, and - say - Compton, and we'll have us an IQ and a "career" Olympics. I'll bet you **big** bucks your erudite sophisticated big-city kiddies would get their asses stomped into the dirt. You condescending asshole.

Wed, 12/05/2012 - 12:56 | 3036063 blunderdog
blunderdog's picture

+1 for having the balls to call a spade a fuckin' dirty-ass shovel.

Wed, 12/05/2012 - 12:31 | 3035935 kloot
kloot's picture

those assholes? US citizens or the 1 percent? from your tone it seems as if your refering to the 1 percent (whoever they are), which just shows your stupidity. Its the US citizens whom veterans have always fought for, and its the citizen responsibility to pursuade the 1 percent into making the decisions that are best for our country. Unfortunatly our citizens lack the courage to take a stand or are to ignorant (like your post) to challenge decision makers.

in addition to fighting for citizens, veterans faught and died for the men to thier left and right of them. you my friend would be neither, nobody would want to be in a fight next to you, coward.

if you dont believe me go download that coward app and see where it ranks you, my bet would be in the 99 percentile.

Wed, 12/05/2012 - 10:51 | 3035465 Stoploss
Stoploss's picture

Thanks for serving the ponzi. Your taxes don't amount to enough to support a 2x4 much less anything else.

Go back in your box.

Wed, 12/05/2012 - 11:19 | 3035605 SubjectivObject
SubjectivObject's picture

I appreciate you EV. 

The downvoting asshats behind the screen rate as trolls that want to keep us fighting amongst ourselves.  And the 0.1% love 'em for it.

Wed, 12/05/2012 - 11:24 | 3035625 SubjectivObject
SubjectivObject's picture

[ dp ]

Wed, 12/05/2012 - 10:17 | 3035298 LawsofPhysics
LawsofPhysics's picture

Not if these people become productive ditch diggers.  Sounds like a win-win to me.

Wed, 12/05/2012 - 10:23 | 3035324 Disenchanted
Disenchanted's picture



You dig the hole, I'll fill it in... ;p

Wed, 12/05/2012 - 10:31 | 3035364 John Law Lives
John Law Lives's picture

The world needs ditch diggers, too...

Wed, 12/05/2012 - 10:36 | 3035385 GetZeeGold
GetZeeGold's picture



All 11,000 were given a DVD of Caddyshack. None of them had ever seen it because it was made before any of them were born.

Wed, 12/05/2012 - 10:40 | 3035409 azzhatter
azzhatter's picture

looking for farm labor in California

Wed, 12/05/2012 - 14:32 | 3036450 vato poco
vato poco's picture

Try offering higher pay.

Wed, 12/05/2012 - 10:17 | 3035299 JPM Hater001
JPM Hater001's picture

I might go long Revolution this week.

Wed, 12/05/2012 - 10:08 | 3035248 Cursive
Cursive's picture


That said we can't wait for the BLS to take this data as somehow beneficial for the unemployment rate.

The "new businesses" created just went up 11,000.


Wed, 12/05/2012 - 10:12 | 3035272 fonzannoon
fonzannoon's picture

ZIRP has killed trading, especially in fixed income. No need for a lot of people and once you cut the fat that 85 bil a month will go a lot further amongst the few people left. It's a big club, and a lot of people at citi ain't in it.

Wed, 12/05/2012 - 10:36 | 3035382 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

Michael Corbat, Citi’s Chief Executive Officer, said, “These actions are logical next steps in Citi's transformation..."

It's always logical when it comes to eliminating someone else's job.

Wed, 12/05/2012 - 11:55 | 3035764 JPM Hater001
JPM Hater001's picture

But it's always logical when it's a bankers.

-Upgrade 2.0.

Wed, 12/05/2012 - 10:09 | 3035250 GMadScientist
GMadScientist's picture

Please pick Vikram. Please pick Vikram. Please pick Vikram. Please pick Vikram. Please pick Vikram. Please pick Vikram.

"I don't always talk to bankers, but when I do....I ask for large fries."

Wed, 12/05/2012 - 10:08 | 3035251 rsnoble
rsnoble's picture

Isn't this bullish?

And it is good for the unemployment rate because employers will see a mass pool of psychotic skilled labor now available and immediately hire them.

Wed, 12/05/2012 - 10:08 | 3035253 Dr. Richard Head
Dr. Richard Head's picture

Nice knowing you CITI vultures.  Couldn't happen to a better group of non-productive fractional reserve money whore cunts.  Shit, I need some coffee.

Wed, 12/05/2012 - 10:09 | 3035255 EscapeKey
EscapeKey's picture

That's OK, McDonalds stand ready to hire all this exceptional talent.

Wed, 12/05/2012 - 10:13 | 3035280 HelluvaEngineer
HelluvaEngineer's picture

No thanks.  I really don't want these sociopaths pissing in my coffee.

Wed, 12/05/2012 - 10:26 | 3035344 Sudden Debt
Sudden Debt's picture

Noboy starts in the Coffee department at McDonalds...

First they start with mopping floors...

after a few years, after 3 promotions they can wash lettuce.

In the next 5 years they'll be on fries

then the grill... and 2 years later when they're 80 years old they'll retire...


Wed, 12/05/2012 - 11:18 | 3035597 Sudden Debt
Sudden Debt's picture

Oh... I didn't know that sir.... here's the coffee you ordered...


Wed, 12/05/2012 - 10:10 | 3035261 kliguy38
kliguy38's picture

11,000 100K jobs lost and 11,000K 8 dollar Wally World Jobs added for Xmas.....watta bargain

Wed, 12/05/2012 - 10:12 | 3035273 GMadScientist
GMadScientist's picture

I'm pretty sure there aren't even 11M shitjobs to be found; take a look at Wally World's 10K for the deets.


Wed, 12/05/2012 - 10:16 | 3035294 GetZeeGold
GetZeeGold's picture



Might find some jobs in Mexico.....good thing we had the foresight not to put a fence there.

Wed, 12/05/2012 - 10:10 | 3035262 Disenchanted
Disenchanted's picture




Are employees in the F.I.R.E. sector makers or takers?

Wed, 12/05/2012 - 10:11 | 3035263 Seasmoke
Seasmoke's picture

Nice , it's going to be a good day !

Wed, 12/05/2012 - 10:11 | 3035264 kito
kito's picture

There’s going to be a huge shift in American society, American culture, in the places where one is going to get rich. The stock brokers are going to be driving taxis. The smart ones will learn to drive tractors so they can work for the smart farmers. The farmers are going to be driving Lamborghinis. I’m telling you.

--jim rogers

Wed, 12/05/2012 - 11:24 | 3035627 GeezerGeek
GeezerGeek's picture

Considering that Lamborghini started with a tractor factory after WW II, the quote may indicate that Jim Rogers knew of the history of Lamborghini. Many car manufacturers make other sorts of vehicles. Mercedes, for instance, makes all sorts of trucks. FWIW, I remember, vaguely, the front page of Road & Track magazine from sometime back in the 1960s. The headline was announcing a road test of a "Mercedes 12 Litre GT", which led most to assume some big-engined GT car. It was, however, an April issue, and the joke was this: GT stood for Garbage Truck.

Wed, 12/05/2012 - 11:58 | 3035782 JPM Hater001
JPM Hater001's picture

Ok Kito-

Do you recommend farms directly, grainery, commodities firm, Monsanto & ADM, or just plain trade food commodities?

If you could pick one which is best?

Wed, 12/05/2012 - 20:10 | 3037674 kito
kito's picture

i wish i could help with that one. but im no expert. monsanto is evil. wouldnt touch their stock. i only hope their company burns in hell where there is only organic food...oh wait, that wouldnt be hell,....... perhaps they will be banished to hell where they are forced to eat their own chemically induced toxic crap until they look like those lab rats.

easiest play is rja. rogers agri etf. thats for laymen like myself. 

Wed, 12/05/2012 - 13:48 | 3036282 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

they will still be driving ferrari’s too.

PS- these are awesome tractors, I own two. BCS-ferrari, top quality and durable.

Wed, 12/05/2012 - 10:12 | 3035271's picture

This is great news for home builders looking for some "creative" financing wizards to help get buyers loans and cook the books!!!  #economywinningdespitethecolapse

Wed, 12/05/2012 - 10:13 | 3035275 orangedrinkandchips
orangedrinkandchips's picture

AH-HA! (Nelson).....


(but shit, the last laugh is on us! d'oh!)

Wed, 12/05/2012 - 10:13 | 3035277 digitlman
digitlman's picture

Driving on I40 in NC from Durham towards Greensboro there is a large Citi call center ( I guess) right next to the highway.  For years there was a huge banner on the building stating that Citi was hiring and info to inqure.  A few weeks ago I went by and the sign was gone.


I suppose the whole building could be empty soon, eh?


Fuck em.

Wed, 12/05/2012 - 10:16 | 3035291 Sudden Debt
Sudden Debt's picture

Ello Sil,

I am calling about youl cledit limit...


I'm flom Amelica! No Chinese callcentel hele!!!


Wed, 12/05/2012 - 10:14 | 3035278 Sudden Debt
Sudden Debt's picture



Wed, 12/05/2012 - 10:46 | 3035440 edifice
edifice's picture

From: Citi CEO
To: Former Citi Employees

Suck it in and cope,  buddy. Suck it in and cope.

Wed, 12/05/2012 - 11:35 | 3035676 WillyGroper
WillyGroper's picture

Well at least now we can observe Simpson/Bowles math skills & see if they can add another 11K to the 310M teat suckers. 

Wed, 12/05/2012 - 10:15 | 3035285 yogibear
yogibear's picture

Mark Zandi of Moody's:

"It's due to Sandy."

Wed, 12/05/2012 - 10:15 | 3035287 mrktwtch2
mrktwtch2's picture

250k jobs..for what showing up and being a assisant vp??..the could dump another 20k..they are way to

Wed, 12/05/2012 - 10:20 | 3035311 Sudden Debt
Sudden Debt's picture

they need at least 6 VP's to keep the water fountain running so...


Reminds me a bit of my bank :) There are about 5 people there. I have no clue what they're doing there. But IF you enter, they look at you like "WHY IS THIS GUY COMMING IN?!?! ARE THE ATM'S BROKEN?!?!"

Wed, 12/05/2012 - 10:45 | 3035433 edifice
edifice's picture

Louis CK did a great skit on that ("Hilarious"), "What are those people doing in there!? Are they cleaning??"

Wed, 12/05/2012 - 11:47 | 3035740 blunderdog
blunderdog's picture

I went to a bank recently to get some change sorted.  They were charging 8% for use of their machine, but there was a nice big advertisement that the service was FREE for account holders.  So I walked over to the teller and asked how long it would take to open a basic savings account.

She literally would not tell me.  She said I'd have to sit and "consult" with someone about what services would meet my needs.

I sucked it in and coped and paid the fuckin' 8%.

That's where we're at, though--all those huge expensive buildings filled with employees whose job basically consists of *not* signing up new customers.

Wed, 12/05/2012 - 16:07 | 3036876 Sudden Debt
Sudden Debt's picture


Wed, 12/05/2012 - 17:42 | 3037273 blunderdog
blunderdog's picture

Exactly.  That's why I was prepared to open an account with them.  I wasn't going to tell them I intended to close it out immediately after we'd concluded our business.

Wed, 12/05/2012 - 10:16 | 3035288 LawsofPhysics
LawsofPhysics's picture

Useless fucking paper-pushers about to become productive ditch diggers.  Sounds like a win-win to me.

Wed, 12/05/2012 - 10:15 | 3035289 Super Broccoli
Super Broccoli's picture

Merry christmas !

I can't wait to hear Obama explaining how we're in a recovery

Wed, 12/05/2012 - 10:54 | 3035485 Urban Redneck
Urban Redneck's picture

Here's my Christmas list -


1) I have yet see Ben Bernanke publish a regular accounting of the toxic crap that FRBNY is protecting Citibank equity and debt holders from with taxpayer dollars; and

2) I have yet to hear Mary Schapiro ban Citibank from all acquisitions and financial "innovations" without prior approval from the SEC, and demand that Citibank strengthen both its balance sheet and liquidity above and beyond the requirements of Basel III.; and

3) I have yet to hear Timmy Geithner proclaim that thousands of Citibank layoffs are a good first step towards reducing Citibank from TBTF to a manageable risk, much less that Citibank should be monetizing their cherished NYC real estate to raise capital now.

It could be worse, my money could be in a US regulated bank, where Ben Bernanke would be debasing it with even less regard for the broader consequenses.

Wed, 12/05/2012 - 10:16 | 3035290 Cdad
Cdad's picture

Hooray!  More banker pink slips!  Good start, C.  Now...on with the banker purge.

Wed, 12/05/2012 - 10:16 | 3035293 PUD
PUD's picture

That's a good start! Now if they can the rest and burn the buildings to the ground we'll be talkin!

Wed, 12/05/2012 - 10:28 | 3035297 Disenchanted
Disenchanted's picture



Don't worry Schmidt will fix it...


Treasury Secretary Google?


Already a winner on the business front for his support and guidance to President Obama and his reelection campaign, there is growing speculation that Google Chairman Eric Schmidt is in line for an even bigger payoff: secretary of either Treasury or Commerce or a new "secretary of business" slot.


Google that bitchez...


edit: btw just how the fuck is that a "bigger payoff" than being Google Chairman? Don't answer that, I don't think I want to know.

Wed, 12/05/2012 - 10:17 | 3035301 caimen garou
caimen garou's picture

it's all good according to bloomberg, citi fired employees will get jobs as msm contributors.

Wed, 12/05/2012 - 10:18 | 3035303 EmmittFitzhume
EmmittFitzhume's picture

Trillion + per year of deficit spending is doing....

Wed, 12/05/2012 - 10:19 | 3035310 More_sellers_th...
More_sellers_than_buyers's picture

At least they could have waited for Christmas eve.  I have wondered all my life when I see announcements like this, WTF were all these people doing before getting canned, that the company can still function without them? 


Wed, 12/05/2012 - 10:21 | 3035316 X. Kurt OSis
X. Kurt OSis's picture

Don't know if its worth looking into but I did notice a bunch of Moody's flash reports showing no rating change due to the novation of swap agreements and the replacement of swap counterparties from Citi.  The most recent one I saw was a switch from Citi to State Street.  Looked like plain vanilla fixed for floater swaps... some housekeeping on the derivatives desk or is something else going on?

Wed, 12/05/2012 - 10:22 | 3035321 williambanzai7
williambanzai7's picture

This announcement tells me they really should be firing 20,000 because it consists primarily of consumer banking and back office heads. Investment banking is still top heavy.

Wed, 12/05/2012 - 10:28 | 3035340 DollarDive
DollarDive's picture

Pretax charge of $1bb ?   That amounts to $90,000 + per employee.  I'm sure Citi is giving all the employees a nice send off.  No way it costs 90k to terminate each employee.  They would've been fired a long time ago, if the system was allowed to work and Citi failed - before being bailed.


Each employee is being given  a "free" copy of "It's a Wonderful Life".... Happy Holidays.

Wed, 12/05/2012 - 11:33 | 3035669 GeezerGeek
GeezerGeek's picture

Bacl in 2004-2005 the company I worked for was preparing for layoffs and held seminars based on Who Moved My Cheese? They even gave out foam wedges colored to look like cheese with that inscribed. I didn't bother attending, but managed to acquire one of the 'cheese' wedges. On the empty side I, being a programmer, wrote


   you move my cheese


   I break your kneecaps

end if

Curiously, I lasted there until mid-2011.

Wed, 12/05/2012 - 10:33 | 3035370 Mad Mohel
Mad Mohel's picture

Fuck em! If you choose to be a minion, then to hell with you.

Wed, 12/05/2012 - 10:33 | 3035373 roadhazard
roadhazard's picture

More recruits for OWS. Those jobs are not coming back.

Wed, 12/05/2012 - 10:35 | 3035377 Everybodys All ...
Everybodys All American's picture

No matter how you look at it Citi is in a runoff. More of this to come.

Wed, 12/05/2012 - 10:36 | 3035379 dvsteenk
dvsteenk's picture

How much more cynical can it get? 11,000 people losing their jobs is touted as a big day for Citigroup shareholders on Bloomberg as I write this...

talking about talking up further this already overstretched market... simply disgusting!

Wed, 12/05/2012 - 10:38 | 3035398 Lendo
Lendo's picture




Wed, 12/05/2012 - 10:39 | 3035399 Inthemix96
Inthemix96's picture

Sing along boys....

"May you're merry bells keep ringing, may your every wish come true"

Happy holidays fuckers.

Wed, 12/05/2012 - 10:39 | 3035402 azzhatter
azzhatter's picture

This fucking welfare bank should be closed and all the banksters jailed

Wed, 12/05/2012 - 10:44 | 3035429 azzhatter
azzhatter's picture

No sympathy for these assholes. You chose to work for Satan and hopefully you will all DIAF

Wed, 12/05/2012 - 10:48 | 3035447 Miss Expectations
Miss Expectations's picture

Did they really call these layoffs "repositioning actions?"

Dear Ex-Citi employees,

How's that feel?

Wed, 12/05/2012 - 11:04 | 3035531 azzhatter
azzhatter's picture

One of the CNBC cunts just explained how bullish this is

Wed, 12/05/2012 - 11:19 | 3035594 NuYawkFrankie
NuYawkFrankie's picture

Re Sandy's Fault?


Yes,  Sandy Weill's - for ever having created this monstrosity.


Wed, 12/05/2012 - 11:58 | 3035779 el Gallinazo
el Gallinazo's picture

As I heard it, Sandy got to keep Bill Clinton's pen used to sign the law that revoked Glass-Steagall and made this monstrosity possible.  Actually the law was passed after Sandy broke the Glass-Steagall Act with acquiring Traveler's and while Bill's cum stains were still drying on Monica's dress.  But he did not have sex (in the conventional sense) with that bank CEO.


"And while C stock may jump on the news, the end result is that New York and the US have both just lost 11,000 less key taxpayers most of whom are almost certainly in the $250,000+ bucket."


Jeez, they certainly pay their tellers and custodians well.  If only I had known.

Wed, 12/05/2012 - 11:17 | 3035596 Dr. Venkman
Dr. Venkman's picture

Well, the Citi folk are flooding my building in Wilmington, DE . . .even got a purdy sign atop the building now. Based on this anecdotal evidence, Citi is doubling down on its key operations. . . cold calling people for loans; calling them back later to collect on the now-delinquent loans.

Wed, 12/05/2012 - 11:25 | 3035637 Cortez
Cortez's picture

CNBC and the corporate world can declare victory when all the money in the world is held by shareholders and there are no wage earners left collecting paychecks. 

They are getting closer than ever before.

Wed, 12/05/2012 - 11:35 | 3035678 Yen Cross
Yen Cross's picture

How convenient, "Vikrim Pandit" got the hell out of Dodge before he was hauled off to the "Town Square" for beheading...

Wed, 12/05/2012 - 11:47 | 3035737 MilleniumJane
MilleniumJane's picture

1 Sacajawea dollar would've been too much to give him as a severance.

"Don’t cry too much for Pandit. He got $165 million from the sale of Old Lane Partners LP, a hedge fund he co-founded, to Citigroup. At the helm of Citigroup for five years, he received a total of about $56 million in compensation, according to an analysis by the Journal."

"Pandit managed to keep Citi afloat in the wake of the financial crisis and pay back billions in U.S. government bailout money. Yet he never seems to hit his stride with shareholders, who voted no this past April 17 on a resolution to boost his pay to $14.9 million in 2011 from $1 a year."

Wed, 12/05/2012 - 12:20 | 3035872 dolph9
dolph9's picture

Jump, you Fuckers.

Wed, 12/05/2012 - 12:34 | 3035956 waterhorse
waterhorse's picture

How disappointing that it will be Citi that finally goes belly up.  It's not that they don't deserve to, but I was TRULY hoping it would be Banksters of Amerika. 

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