Citigroup May Fire 10% of Investment-Bank Workers, WSJ Reports

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Citigroup Inc., the bank that's lost more than any other in the collapse of the U.S. mortgage market, plans to fire as much as 10 percent of the about 65,000 employees worldwide in its investment-banking division, the Wall Street Journal reported.

The first notices in the round of dismissals may begin tomorrow, the newspaper said, citing people it didn't name. The New York-based bank, which has more than 350,000 employees, cut at least 9,000 workers as of March 31, the Journal said.

"Citi indicated earlier this year that it would be resizing this business in response to market conditions and as part of our ongoing re-engineering efforts,'' spokesman Dan Noonan told the Journal.

Danielle Romero-Apsilos, a Citigroup spokeswoman, didn't immediately return a message seeking comment from Bloomberg News.

http://www.bloomberg.com/apps/news?pid=206...refer=worldwide

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Goldman, too.

Even Goldman Sachs is acknowledging the new reality: job cuts in investment banking are necessary.

Last week, Wall Street’s most successful investment bank began cutting bankers above and beyond its annual performance review, and is now expected to cut up to 10 percent of its mergers and acquisition and corporate fundraising staff this year, The Financial Times reported.

...

As banks expect the continued malaise to sap their profits, they have begun swinging the axe with harder and harder force, despite efforts to limit layoffs. So far, banks and brokerages have announced the dismissals of more than 83,000 employees. And more Wall Street layoffs are expected to come in the next few months.

[Ilya R. 0]

Damn, my wife works for citi

[Dan J 277]

Going to be a lot of people looking for work on Wall Street.

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Going to be a lot of people looking for work on Wall Street.

Not just WS. A lot of the backend work for the investment banking group at Citi is done at satellite locations in other parts of the country (lots of it in Jersey).

[Ilya R. 0]

Going to be a lot of people looking for work on Wall Street.

Not just WS. A lot of the backend work for the investment banking group at Citi is done at satellite locations in other parts of the country (lots of it in Jersey).

Boo

[mawilson 2,133]

Financials are just gonna keep falling.... short the HELL out of them while you can. SKF is your friend.