1) Citi has been talking about these cuts for three months. There’s little new here other than the CEO specifying the target head count. 2) There is no intent

1) Citi has been talking about these cuts for three months. There’s little new here other than the CEO specifying the target head count. 2) There is no intent to rehire. Whole business lines are being shuttered. 3) Yes, of course there is a huge management problem. They fired 300 managing directors in November. Since 2000 Citi stock is down more than 90%. JPMC and BofA generate an order of magnitude more revenue per employee than Citi. Jane Fraser is just the latest in a long series of executives seemingly unable to tame the beast.