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Since coming on board, the CEO of Citigroup (NYSE: C), Vikram Pandit, has been using his cost-cutting knife. For example, he cut about 4,200 jobs in January.
And this week, we are seeing more – that is, 2,000 job cuts. The highest concentration will be in the investment banking and trading departments. In fact, it looks like some senior-level folks will get the axe.
Basically, Citigroup needs to take action to right-size its operations to the current environment (after all, in the prior quarter, the company sustained a $10 billion loss). It certainly looks like we'll continue to see tough time for buyouts as well as public offerings. And of course, don't expect much in the mortgage finance category.
Unfortunately, it looks like Citigroup may take further cuts throughout the year (especially if the markets remain in the doldrums). So unless you are a stellar "master of the universe," you just might get a pink slip.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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