Report: Citi to Cut 10% of Investment Banking Jobs

[Pale Blue Dot]

The WSJ is reporting: Citi to Slash Investment Banking Jobs World-Wide

"Citigroup ... will dismiss thousands of investment-banking employees world-wide as part of a plan to cut the roughly 65,000-employee group by 10% ..."

According to the WSJ the cuts will probably happen tomorrow, with entire trading desks eliminated in New York and other cities.

http://calculatedrisk.blogspot.com/2008/06/citi-to-cut-10-of-investment-bank-jobs.html

Unfortunately you have to pay to see the rest of the WSJ article.

That's 6,500 jobs gone, for those of us who are mathematically challenged.

[customerserviceguy]

1. Investment bankers are

people, who especially in their excesses, but occasionally when they stick to their job descriptions, are the ones who fuck up the economy every time there's a downturn. Rather than sticking to tried-and-true methods of safely and responsibly investing capital (and keeping the economy stable in the process), they hang their asses out over the edge in order to be some sort of hotshot, or gain a tiny temporary advantage.

We need a ninety percent cut in this class of parasite. Let them go out and make an honest buck like the rest of us, instead of playing the economy like it was some sort of irrelevant chess game.

[Pale Blue Dot]

2. Normally I would agree 100%.

Right now, however, the state of the economy is so precarious that ANY job loss brings us a step closer to depression.

[customerserviceguy]

3. Don't worry about them

they've got fat 401Ks they can live off of for a long time, maybe the rest of their lives. After all, they knew when to bail while they were screwing the rest of us over.