Citigroup announced it would lay off 52,000 workers, cutting its staff to about 300,000. That's 75,000 fewer employees than it had at the end of last year, it said,
Citigroup also said it would try to save up to $52 billion in 2009 to cope with the deepening global economic crisis. The bad news was delivered by Chief Executive Vikram Pandit in a town hall-style meeting Monday morning, the Wall Street Journal reported (subscription only).
Goldman Sachs said meanwhile, that CEO Lloyd Blankfein and six other top executives will forgo any bonuses this year. Last year four of those execs alone got a total of $261 million in bonuses. Wall Street bonuses for top players easily drawf salaries which, for these seven, is $600,000, according to the Wall Street Journal.
Goldman and eight other New York-based banks getting a piece of the federal $700 billion bailout were warned by Attorney General Andrew Cuomo last month that they might be breaking state law by using any portion of of the money to pay bonuses.
Citigroup sees cutting roughly 50,000 jobs [Reuters]
Goldman CEO, 6 others forgo 2008 bonuses [Reuters]
See also:
The Wired.com Tech Layoff Tracker
Wired-o-Nomics: Wall Street Bonuses and Abortions
