Another shoe dropped on Wall Street, yesterday. Citibank announced that they will cut 52,000 jobs, but--according to a New York Times article--few think that the issues will end there.
By
Anthony J. LoPinto
|
Updated on November 18, 2008
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Sharing the Pain
Another shoe dropped on Wall Street, yesterday. Citibank announced that they will cut 52,000 jobs, but–according to a New York Times article–few think that the issues will end there, as the bank struggles to right itself. Even more staggering is that, by some counts, Wall Street–which is in the grips of its sharpest contraction in modern times–has cut 120,000 workers since the beginning of 2007, and many predict at least 240,000 more will go this year and next. Hand in hand with these cutbacks, is the increasing pressure for bank executives to forego bonuses and for boards to rein-in overall compensation. In the meantime, the Times article indicated that Citibank CEO Pandit “has not decided on whether to share the pain by turning down an annual bonus.” Apparently, it will be up to the board of directors to decide whether or not to rein-in his overall compensation, as well.
Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities
SELECT LEADERSReal Estate Derivatives Investment Strategist (NEW YORK CITY) The strategist will gather data and create marketable derivative investment strategies catered to institutional clients, among other research and analysis. THE IRVINE CO.Property Manager–The Irvine Co. (IRVINE, CA) The manager will ensure properties are maintained in a first class manner, which includes performing, at a minimum, weekly site inspections and client relations. CUSHMAN & WAKEFIELDGeneral Manager (STAMFORD, CT) The general manager will manage business relationships for our client locations throughout Connecticut; including the daily implementation for workplace services and processes. JONES LANG LASALLESenior Occupancy Planner (METTAWA, IL) The successful planner with be responsible for knowing how much space is currently available, what are the workplace conditions, and what are headcount projections by business unit. DISTRICT OF COLUMBIA GOVERNMENTResource Allocation Analyst (WASHINGTON, DC) The analyst will assess OPM’s financial resource status and its effectiveness in achieving the agency’s desired outcomes and recommend corrective action as necessary; provide financial guidance and interpret complex lease language and provide counsel as to the agency’s obligations related to tenant and capital improvements per Generally Accepted Accounting Principles (GAAP).
FANNIE MAEManager, REO Outsourcing (DALLAS, TX) The associate will manage and continue to develop outsourcing partners and processes, report analysis and drive strategies with partners. CB RICHARD ELLISInvestment Associate (PRINCETON, NJ) The associate will provide analytical support for senior management in acquisitions, asset management, dispositions and financings, interface with regional acquisition teams, and prepare and/or evaluate financial analysis at the property and corporate level utilizing Argus and Excel. AVALON BAY COMMUNITIESRedevelopment Coordinator (ALEXANDRIA, VA) The coordinator will manage correspondence, travel arrangements, scheduling, expense reports and be responsible for invoice documentation.
Promotions No more than one submission per company will be considered per week. Submissions with multiple names will be capped at three for coverage in Executive Watch.
CB RICHARD ELLIS
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