Friday, July 4, 2008
Citigroup's Investment Bankers, etc.
"Citigroup Inc., in the latest sign of bloodletting on Wall Street, is set this week to embark on an aggressive round of layoffs within its investment banking division. ... The New York bank ... will dismiss thousands of investment-banking employees world-wide as part of a plan to cut the roughly 65,000-employee group by 10%. ... Entire trading desks in New York and other cities are expected to be eliminated", WSJ, 23 June 2008.
"Regarding your headline 'Citigroup to Close Hedge Fund; Blow to CEO' (page one, June 12): Let's have some perspective on this 'blow' to Vikram Pandit. Your article notes that Mr. Pandit 'personally reaped at least $165 million' when Citigroup bought Old Lane Partners last year. ... However, I don't think the closing of Old Lane is really a blow to the CEO", Robert O. Gurman letter to the WSJ, 23 June 2008.
Connie Yu, are you listening?
The WSJ's article about Pandit and Old Lane read like a "puff piece" written by Citigroup's PR department, see my 24 June 2008 post. WSJ, after having read you daily for 34 years, I expect better.