Pain

Citigroup:

These people say that as of Saturday afternoon the exact size of the cuts is not known, but it's expected to be higher than the 23,000 cuts the firm made as of end of the third quarter to its workforce of approximately 350,000 worldwide. These people say the overall size of the cuts that Pandit will announce during a highly anticipated town hall meeting could add up to close to 40,000 depending on the number of asset sales, such as spinning off businesses the firm could pull off in addition to additional planned layoffs.

These people add that during the meeting Pandit will likely cite a specific number of job cuts and say these cuts will occur a relatively short period of time, such as over the next five or six months.