Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge

The New York Times: Citigroup’s announcement that it will slash 11,000 jobs worldwide underscores its major contraction since nearly collapsing during the financial crisis and its continuing battle against high operating costs and persistently sluggish markets. Wall Street has been sloughing off jobs by the thousands since the financial crisis, with major banks announcing reductions of more than 150,000 jobs since the start of 2011, according to Richard Stein, a senior partner in the financial services practice at Caldwell Partners. Continue reading

New quarterback takes over at Citigroup

The Daily Deal: With the announcement that CEO Vikram Pandit would step down after nearly five years at the helm, Corbat was named as the new head of the institution he has served since 1983. “There are a lot of flags out today,” said Richard Stein of Caldwell Partners, a financial advisory firm that works with Citigroup on recruitment and restructuring issues. “Mike Corbat is incredibly well-liked across the firm, and he has had experience across many, many senior level positions. Continue reading

A Bump in Path to Wall Street

The Wall Street Journal: Goldman Sachs Group Inc. is doing away with two-year contracts for most analysts hired out of college, according to communications reviewed by The Wall Street Journal and confirmed by a Goldman spokesman. Caldwell Partners’ Richard Stein notes, analyst programs are “being looked into across the Street. Banks are now seriously questioning the payback” of the programs, which have been narrowed down to an “even smaller group of elite graduates.”
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