It just gets worse for Citi. They have already slashed thousands upon thousands of jobs and there's no end in sight. How in the world are they even talking about buying new banks - probably with even more financial assistance from Uncle Sam - when they can't properly run what they already have? Citi is a basket case with more problems ahead and more bailout requests in the works. They used to be simply a miserable company and now they're miserable plus a financial basket case.
Citigroup Inc (C.N) is cutting at least 10,000 jobs in its investment bank and other divisions throughout the world, the Wall Street Journal said, citing people familiar with the matter.
Citigroup Chief Executive Vikram Pandit and his deputies have instructed managers to slash their budgets for employee compensation by at least 25 percent, the paper said citing the people.
"We will continue to carefully manage our head count levels as we re-engineer the company in line with our stated goal and market realities," Citigroup spokeswoman Christina Pretto told the paper.
Citigroup announced last month it cut 11,000 jobs in the third quarter, bringing the total number of job cuts in 2008 to 23,000.
Citigroup aims to shrink its workforce to about 290,000 employees by next year from 352,000 as of Sept 30, the WSJ said, citing another person.
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