Wall Street Bank Cuts 11,000 Jobs After Paying Ousted Executives $14 Million

http://thinkprogress.org/economy/2012/12/05/1285501/citigroup-jobs-bonuses/

By Rebecca Leber posted from ThinkProgress Economy on Dec 5, 2012

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.”

Under Pandit and Havens, Citigroup lost 88 percent of its stock value. Still, the executives walked away with generous pay packages:

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