Citigroup To Cut 10% of Investment Bank Unit: Reports - Financials * US * News * Story

Runway Angels
The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.
Smartphone Guide
Here's a need-to-know guide to nine devices, based on features, price, network and platform.
Wines for the Holidays
Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES

How Well Do You Know Your Bird?
Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.
A Healthier & Wealthier You
Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.
The Billionaire BFF's
Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

SPECIAL REPORTS

Winterizing Your Portfolio
If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.
Investor's Guide to Real Estate
Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.
Alternative Investing
Stocks and bonds? Sure. But it's a big world out there for investors.

CNBC ON DIGG

Citigroup To Cut 10% of Investment Bank Unit: Reports

Topics:Credit | Subprime Lending | Banking

Sectors:Financial Services | Banks

Companies:Citigroup Inc

By: Reuters | 22 Jun 2008 | 10:02 PM ET

Text Size

Citigroup [C Loading... () ] is set to slash about 6,500 jobs in its investment banking division, the Wall Street Journal said on its website on Sunday.

Citibank
Mark Lennihan / AP
The largest U.S. bank, which posted a $5.11 billion quarterly loss in April, will probably start cutting jobs on Monday and aims to dismiss about 10 percent of the division's 65,000-strong workforce, the report said.

Citigroup, which has more than 350,000 employees globally, had fired at least 9,000 workers as of March 31, the Journal said.

Mergers-and-acquisitions bankers are expected to see especially sharp cuts, in part because their ranks were not trimmed as much as other units earlier this year, the report said.

Entire trading desks in New York and other cities are expected to be eliminated, the report said. Unlike the bank's other recent reductions, this round will see the departure of dozens of senior managing directors, the report added.

Tools: