Citibank rewards two disgraced executives with $14,000,000 then fires 11,000 Americans
Wall Street Bank Cuts 11,000 Jobs After Paying Ousted Executives $14 Million | ThinkProgress
Citigroup announced on Wednesday that it will cut 11,000 jobs, or 4 percent of its workforce, in an effort to trim expenses.
The moves comes one month after Citigroup paid out nearly $14 million to two former executives, CEO Vikram Pandit and Chief Operating Officer John Havens, who were ousted for poor management. The Citigroup board forced Pandit out, “after a series of missteps this year left some directors feeling that the company wasn’t being managed effectively and that the board wasn’t kept adequately informed.”
