As Smitty points out, some of those folks cut will no doubt be having a lean Christmas.
He links to the citigroup article that contains a statement by Citigroup Chairman Win Bischoff (speaking from a business forum in Dubai, United Arab Emirates) which lays out the company line that that many of the cuts will be of people who were added to the payroll injudiciously during the good times.
“If there is a reversion to the mean … those job losses will obviously fall particularly heavily on the financial sector,” he added.
A reversion to the mean” indeed.