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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

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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.

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