It’s Slash & Burn at Citi’s Investment Banking Unit
By BankersBall on Jan 14, 2008 in Cube Life, Job Hunting
Citi’s expected to cut another 20,000 jobs, with the investment bank hardest hit.
The cuts are expected to coincide with the bank’s Tuesday fourth quarter earnings report, according to Reuters. An anonymous source told the WSJ that the investment bank would shoulder approximately 6,500 of the job cuts.
The Guardian reported that media coverage estimated the cuts at 17,000 to 30,000. The cuts may not be all. CNBC reports that new CEO Vikram Pandit’s plan may include asset sales.
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