Lunchtime Links: Shock of another 50,000 redundancies at Citigroup
Citigroup bankers who filed in to attend Vikram Pandit's town hall presentation today, hoping for a few platitudes about how the bank has some of the most talented people in the industry, were sorely disappointed. Instead, Pandit announced another 50,000 redundancies on top of the 23,000 he's announced already this year. The Wall Street Journal quotes Citigroup chairman Win Bischoff, who told a separate Dubai business forum that all banks had "perhaps injudiciously" added a lot of people over a "very benign period".
JPMorgan preparing to make thousands of job cuts, too (Telegraph).
Another 1,700 jobs to go at Fidelity (in addition to 1,300 already announced) (Guardian).
More asset management job cuts coming soon (Financial Times).
Mere 408k for the top men at Goldman this year (The Times).
Average accountant working on Lehman administration is earning the annual equivalent to 693k (Telegraph).
Robert Peston paid up to 10,000 a night on the after-dinner circuit (The Times).
'I used my City skills to become a highly efficient house husband' (Independent).
RAB closes 75% of its funds in 11 months (The Times).
Islamic finance will benefit from the crisis (Financial News).
Public sector still has jobs in schools, hospitals and the army (The Times).
