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Citigroup Layoffs Could Start Next Week: Sources

Topics:Banking

Sectors:Financial Services | Banks

Companies:Merrill Lynch & Co Inc | Citigroup Inc

By: CNBC.com | 02 Jan 2008 | 01:49 PM ET

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Citigroup layoffs are expected to begin next week, according to people familiar with the matter.

Citigroup [C Loading... () ] 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 Loading... () ] 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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