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
Citigroup CEO Vikram Pandit hopes to reduce the firm's annual expenses by $15 billion.   (AP Photo/Citigroup, file)
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(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 Street Journal says. CEO Vikram Pandit hopes to cut Citi’s annual expenses by $15 billion. (Read more Citigroup stories.)