Citigroup to Cut More Jobs

March 21, 2008

Posted by Lyn Ramsay

CITIGROUP TO CUT MORE JOBS Big News Friday 21st March, 2008 US bank Citigroup is cutting about 2,000 more investment banking and trading jobs in moves to lower costs after subprime mortgage and credit problems. The cuts will be on top of 4,200 job losses announced in January, most of which were in the investment banking and trading areas. The bank has an estimated 60,000 employees in its securities business, and ended 2007 with about 375,000 employees overall. Wall Street analysts say employment at large financial services firms like Citigroup could easily shrink 10 to 15 per cent in the next five years.