Citigroup is set to slash 6,500 jobs in investment banking, it has emerged.
According to reports on Monday, the largest US bank, which posted a $5.11 billion quarterly loss in April, aims to dismiss about ten per cent of the division’s 65,000-strong workforce.
Citigroup, which has more than 350,000 employees globally, had fired at least 9,000 workers as of March 31.
Mergers-and-acquisitions bankers are expected to see especially sharp cuts, in part because their ranks were not trimmed as much as other units earlier this year, it was said.
Entire trading desks in New York and other cities are expected to be eliminated. Unlike the bank’s other recent reductions, this round will see the departure of dozens of senior managing directors.