WSJ: Citigroup May Fire 10% of Investment-Bank Workers
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Citigroup Inc., the bank that’s lost more than any other in the collapse of the American mortgage market, plans to fire as much as 10% 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 today, 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.
A Citigroup spokeswoman, Danielle Romero-Apsilos,didn’t immediately return a message seeking comment from Bloomberg News.
