Over 1/7th of their remaining workforce, above and beyond all previously announced layoffs. So many different thoughts:
1) Last week some Citi bigwigs made a big deal about buying large chunks of Citi stock for their personal accounts, presumably to shore up confidence in the stock. They must have known this layoff was in the works. How is this not insider trading?
2) These 50,000 (52? 53? I keep seeing different numbers in the press) people were doing some sort of work yesterday. Apparently that work does not need to be done tomorrow? Why not? It's not like Citi's revenues have gone down by 1/7th. Did it not need to be done yesterday? Then why were these folks warming a desk? It doesn't make any sense.
3) The bottom line, as I've said before, is that it appears fairly certain that Citi is not going to make it. I guess that will prompt the MOAB (mother of all bailouts).
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