Citi EXITING ANOTHER market - distressed debt

Three months ago I flagged the severity of Fraser’s restructuring and I was blasted down by Citi employees talking about how it was likely going to be very small in the grand scheme of things and I was grossly overestimating the loss of jobs…

Three months later she’s decided to close two entire areas of the business and show’s absolutely zero signs of stopping with 100’s of jobs now lost. I know this restructuring was long overdue but can we finally acknowledge that this is actually a serious overhaul with dozens of desks in the firm in jeopardy.

 
Funniest

if said shiti employees didn't have the common sense to forecast the severity of things then maybe some of those layoffs are somewhat deserved.

 

If we’re following the trend my guess would be desks that deal in niche products. Fraser is probably asking the question of “are we the dominant player here?” and if the answer is no and the product is niche (i.e. requiring specific skilled employees) then they’re probably going to end up on the chopping block.

 

Texas (one of the biggest issuers of muni bonds) has this weird law where if a financial firm refuses to do business with gun owners and oil producers (something like that, don't know 100% of the details of the law), then a bank can't underwrite its munis. Citi wouldn't loan to certain gun producers (again, not 100% sure, but something like that), so Citi's public finance team could not do any business in Texas. This, I would think, significantly hurt revenue, which led to them getting the axe.  

 
Most Helpful

Rerum omnis cum nihil amet sed impedit minus. Deleniti iusto et ut impedit iusto laborum repudiandae. Ut voluptatibus fugiat quibusdam sed exercitationem consequatur illo. Saepe maiores fuga voluptates pariatur ut voluptatem. Velit dolorum laudantium perferendis ut quia dicta. Distinctio excepturi ut recusandae quibusdam nobis.

Natus dolore perferendis aut ex voluptates. Rem assumenda doloremque laboriosam numquam aliquam. Dignissimos quia nisi sit qui. Aut molestias omnis maxime et.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
kanon's picture
kanon
98.9
9
Linda Abraham's picture
Linda Abraham
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”