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Citigroup To Cut 10% of Investment Bank Unit: Reports
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Citigroup [C
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] is set to slash about 6,500 jobs in its investment banking division, the Wall Street Journal said on its website on Sunday.
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Mark Lennihan / AP |
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.
Copyright 2009 Reuters. Click for restrictions.
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