More Citigroup Pink Slips
New York based-Citigroup will layoff thousands more from its worldwide investment-banking division, according to today’s news. The layoffs are part of a plan to cut some 10% of its staff. Citi currently employs about 65,000 people, down from about 147,000 full-time employees last year, according to reports.The firm is still trying to recover from mortgages and leveraged-loan investments that lost billions from its portfolio.
After reporting a $5.1 billion first-quarter loss, the bank said would cut staff by 9,000, in addition to the 4,200 staff cuts it announced late last year. Earlier in June, it reported plans to close its Old Lane Partners hedge fund, just 11 months after it was acquired for more than $800 million.
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June 25th, 2008 at 2:02 pm
This is just the beginning of the blood letting. Let it rip, interesting though that exhorbitant salary comp plans for bankers still exists, oh well let rip.
Your title should be “Citi’s continuous blood letting”