Citigroup announced on Wednesday that it plans to cut 11,000 jobs, or 4 percent of its workforce. They claim this eradication of 4 percent of its workforce is to cut expenses, however, this is occurring just one month after Citigroup paid out nearly $14 million to two former executives, CEO Vikram Pandit and Chief Operating Officer John Havens, both ousted for poor management.
Via Think Progress:
Under Pandit and Havens, Citigroup lost 88 percent of its stock value. Still, the executives walked away with generous pay packages:
Vikram Pandit, Citigroup Inc. (C)’s ousted chief executive officer, will get about $6.7 million in 2012 compensation and will forfeit some awards tied to a $40 million retention package granted last year.
John Havens, who resigned last month as Citigroup’s chief operating officer on the same day as Pandit, will get about $6.8 million for 2012 and also forfeit some awards, the New York- based lender said yesterday in a regulatory filing. Citigroup is the third-largest U.S. bank by assets.
“Based on the progress this year through the date of separation, the board determined that an incentive award for their work in 2012 was appropriate and equitable,” Chairman Michael E. O’Neill said in the filing.
Holy cow. They said that out loud. Citigroup just Bained their employees. This is the embodiment of the GOP’s myth of ‘job creators’ who can walk away with millions while fucking their employees with a smile on their faces. Meanwhile, Republicans are blaming folks on food stamps for our economical woes, while this sort of dubious business takes place. The kicker is that it isn’t even shocking anymore.
Look out Citigroup. Elizabeth Warren and Sherrod Brown are a comin’ and we need them now more than ever.
This song is for you Citigroup:
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