Citigroup posted fourth quarter 2012 results of $1.2 billion in net income, $0.38 per diluted share. This compared with net income of $956 million or $0.31 per diluted share in fourth quarter 2011.
Congratulations to the hard-working Citi employees who delivered that strong performance. The nights, weekends, and holidays away from families and friends were worth it.
Or maybe not. In Q4, Citi announced the layoffs of 11,000 people. Slackers all? Doubtful. Citi decided to generate more profit by balancing the books on the back of the very people that brought them the results.
No wonder these large companies have ethical lapses that, in the case of Citi, resulted in a $476 billion bailout. Why bother doing the right thing when the reward is a pink slip?
How many of those people carried the company to their own Golgotha? Are you doing the same?