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Citigroup layoffs are expected to begin next week, according to people familiar with the matter.
Citigroup [C
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] is expected to cut between 5 percent and 10 percent of its staff of about 320,000, these people within the firm say.
Neither Citigroup's Chief Executive Vikram Pandit nor the firm's public relations staff have issued a formal announcement on the matter.
In addition, Merrill Lynch [MER
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] continues to look for ways to raise funds overseas.
Previously, CNBC has reported that Merrill Lynch plans to announce layoffs of about 1,600 workers after it discloses its fourth-quarter write-downs.
Merrill Lynch had about 64,000 employees at the end of September, so a reduction of 1,600 employees would represent less than 3 percent of its work force.
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