Desi Butcher Vikram Pandit, Citigroup CEO, is throwing 9,000 employees on the streets on top of the 4,200 jobs the embattled bank has already cut recently.
As usual, the new round of job cuts are also attributed to expense management.
And did we tell you that Vikram Pandit, like the proverbial pig at the trough,Â took $26.7 million in stock (1.094 million shares) on January 22, 2008, according to the bankâ€™s regulatoryÂ filings with the Securities and Exchange Commission.
Citigroup also announced Friday a writedown of $202 million in the value of Old Lane (the multi-strategy hedge fund run by Vikram Pandit and acquired by Citigroup last year).Â Vikram Pandit joined Citi in April 2007 when the bank acquired Old Lane for $800 million.
Citigroup reported a lossÂ of $5.1 billion on revenues of $13.2 billion in its first quarter ended March 31, 2008.