When Things Get Bad In Investment Banks: Expense Czars
“You know you’re in trouble when your firm actually appoints an ‘Expense Czar’. But that’s what Citi has done. 61 year-old Carl Levinson, a 35-year company man, will take on the new role which will no doubt focus on paper clips, loo rolls, and soap (as well as the small things).”
-”Top Firm Appoints ‘Expense Czar’ ”
Reading this story about Citi appointing an “expense czar,” I was reminded of one of most frequently asked questions (I should really start a FAQ section…) - “Are we going into a recession? Should I even bother getting into banking right now if the market is going to be terrible?”
Make no mistake, things are getting worse. I don’t know if I’d say they’re quite “bad” yet except for maybe Citi or Merrill, both of which appear to be auctioning themselves off even more to Middle Eastern investors (China looks like it may be reconsidering its investments).
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