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.
By Anthony J. LoPinto|November 18, 2008 at 12:31 PM
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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.
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.
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