More massive writeoffs, more massive firings–all in a day’s work at the sprawling mess known as Citigroup. WSJ:
[Citi] plans to dismiss as much as 10% of its world-wide investment-banking work force of roughly 65,000… The first batch of pink slips are likely to be handed out Monday.
“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 said, without confirming specifics of the coming layoffs…
Citigroup, which has more than 350,000 employees around the world, had fired at least 9,000 workers as of March 31. But the coming cuts are unusual in their scope and severity. The firm’s mergers-and-acquisitions bankers are expected to see especially sharp cuts, in part because the group’s ranks weren’t trimmed as much as other units earlier this year. But no major department of the investment bank is likely to be spared, aside from some businesses in emerging markets and Citigroup’s lucrative transactions-services arm.