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Citi Cuts 30 in Structured Credit Group
Topics:Corporate Restructuring | Employment | Stock Picks | Stock Market | Corporate News
Sectors:Banks | Financial Services
Companies:Citigroup Inc | Companies
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Citigroup has dismissed about 30 employees in its structured credit group which helps put together collateralized debt obligations, a source familiar with the matter said.
The cuts come amid dramatic slowdowns in the market for CDOs as the subprime mortgage crisis has shaken investor faith in the products.
The dismissals come a week after newly-appointed Chief Executive Officer Vikram Pandit pledged a thorough cost review at Citigroup.
Citi [C
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] said last month it may write down $11 billion in assets linked to subprime mortgages in the fourth quarter.
Citi said in a statement, "We make targeted reductions from time to time to position our businesses in line with economic realities."
Copyright 2008 Reuters. Click for restrictions.
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TOPIC : Corporate Restructuring
TOPIC : Employment
TOPIC : Stock Picks
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