^ True. But Citi's CEO is a right tosser. He got Citi to back questionable hedge funds (but, hey, they are his friends' funds). Unbelievable he's still there, and now he's slashing jobs like they were deadwood. He's the one that should be sacked.
"Write-downs related to mortgages and turmoil in the credit markets reached more than $12 billion, and costs stemming from consumers' credit problems surpassed $3 billion, the bank said Friday. And in a conference call with analysts, Citigroup chief financial officer Gary Crittenden said the bank, seeking to cut costs, is eliminating about 9,000 additional jobs.
Citigroup has announced 13,200 job cuts since the credit crisis began slamming the banking industry last summer. The bank announced 4,200 cuts in January, and more work-force reductions are likely. 'We're very, very focused on efficiency," said chief executive Vikram Pandit during a conference call.' "
Citigroup reports $5.1 billion loss on hefty write-downs: Financial News - Yahoo! Finance