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Battered Citigroup Plans Major Layoffs

Firm will cut 10% of its investment-banking group

By Wesley Oliver, Newser Staff

Posted Jun 22, 2008 7:53 PM CDT

(Newser) – 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 ... Read full story »

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Battered Citigroup Plans Major Layoffs

Firm will cut 10% of its investment-banking group

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

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