Citigroup to slash jobs en masse

Well, it doesn't even have a CEO but the Citigroup interim chief and the board have apparently decided that cost cutting right now is something that any CEO would do anyway. So the company has let it be known, via CNBC, that it intends to slash up to 45,000 jobs (out of 320,000 employees). That comes on top of 17,000 cuts in April. This is one of those moves that, while necessary, really sucks for employees. Those who are laid off soon are likely facing the prospect of being denied a cut of the bonus pool. You would have to think many of the cuts will come in the massive CDO machinery that the company built. We'll see how other companies respond. Now is the time to pare at the very least. JP Morgan said it will cut 100 jobs in the subprime arena.

For more:
- here's the CNBC article