More on the planned layoffs at Citi: WSJ reports that Wednesday is Hammer Time. Plans are for 15,000 heads to roll, though one Lehman analyst estimates that Citi would have to cut more like 80,000 to bring its revenue / employee in line with the rest of the banks.

Now for the fun part. The investment bank is reportedly an area that will see job cuts, but in this latest article, the WSJ points the finger to specifically middle management within the IB. WSJ, citing Prince speaking at a Jan conference: “We don’t need four or five layers of headquarters activities in the corporate investment-banking business … So that means vacuuming out the upper levels, getting it pushed closer and closer…to the closest level you can get for the people who are dealing face-to-face with the client.”

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