Citigroup, the New York-based global bank, is set to lay off thousands of people from its worldwide investment-banking division, the Wall Street Journal said. Staff losing their jobs are expected to be notified on Monday, the Journal said. The job cuts are part of a plan to reduce about 10 per cent of the investment banking group’s 65,000 staff, it said. Citigroup officials have made no comment. Citigroup, along with much of Wall Street, is recovering from bad investments after losing billions of dollars on mortgages and loans to already indebted people. It was not immediately clear if the cuts were in addition to the 9,000 announced in April when it also reported a $5.1 billion first-quarter loss. About 4,200 job cuts were also announced late last year. More
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June 23rd, 2008 at 10:59 am
[…] The Grain Trader Update Blog wrote an interesting post today onHere’s a quick excerptCitigroup, the New York-based global bank, is set to lay off thousands of people from its worldwide investment-banking division, the Wall Street Journal said. Staff losing their jobs are expected to… [[ This is a content summary only. Visit my website for full links, other content, and more! ]] […]