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SATURDAY, JULY 4, 2009

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Battered Citigroup Plans Major Layoffs

(Newser Summary) – After being in the red for two quarters, Citigroup will this week hand out pink slips in its investment-banking division, looking to sack 10% of the group’s 65,000 employees. The move, which would eliminate entire trading desks worldwide, is unusually severe, the Wall Street Journal says. CEO Vikram Pandit hopes to cut Citi’s annual expenses by $15 billion.

Source: Wall Street Journal

More about:  Wall Street • Citigroup • mergers and acquisitions • layoffs • investment banks • Vikram Pandit

Citigroup CEO Vikram Pandit hopes to reduce the firm's...
Citigroup CEO Vikram Pandit hopes to reduce the firm's annual expenses by $15 billion.   (AP Photo/Citigroup, file)
Citigroup, which has more than 350,000 employees around...
Citigroup, which has more than 350,000 employees around the world, had fired at least 9,000 workers as of March 31.   (AP Photo/Mary Altaffer)
Weakness in the mergers-and-acquisitions market has...
Weakness in the mergers-and-acquisitions market has hurt investment banks across Wall Street.   (Index Stock)
Citigroup will cut 10% of jobs in its investment-banking...
Citigroup will cut 10% of jobs in its investment-banking division. The bank is "resizing this business in response to market conditions," said a spokesman.   (AP Photo)
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