Citi (C) To Fire 15,000 In Wachovia (WB) Deal

Citi (C) estimates that it will achieve annual cost savings of $3 billion after integrating Wachovia (WB). In case you’re not hip to corporate shorthand, this means mass firings. 

We estimate that about half of the $3 billion ($1.5 billion) will be headcount-related. If we assume $100,000 all-in cost per employee, this translates to 15,000 employees getting the axe.

See Also:
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