X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Sharing the Pain

Another shoe dropped on Wall Street, yesterday. Citibank announced that they will cut 52,000 jobs, but–according to a New York Times article–few think that the issues will end there, as the bank struggles to right itself. Even more staggering is that, by some counts, Wall Street–which is in the grips of its sharpest contraction in modern times–has cut 120,000 workers since the beginning of 2007, and many predict at least 240,000 more will go this year and next. Hand in hand with these cutbacks, is the increasing pressure for bank executives to forego bonuses and for boards to rein-in overall compensation. In the meantime, the Times article indicated that Citibank CEO Pandit “has not decided on whether to share the pain by turning down an annual bonus.” Apparently, it will be up to the board of directors to decide whether or not to rein-in his overall compensation, as well.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities
SELECT LEADERSReal Estate Derivatives Investment Strategist(NEW YORK CITY) The strategist will gather data and create marketable derivative investment strategies catered to institutional clients, among other research and analysis.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.