Citigroup Inc., in the latest sign of bloodletting on Wall Street, is set this week to embark on an aggressive round of layoffs within its investment-banking division, people familiar with the matter said.
The New York bank, which has suffered $15 billion in losses over the past two quarters and is likely to rack up billions of dollars in additional write-downs in the second quarter, this week will dismiss thousands of investment-banking employees world-wide as part of a plan to cut the roughly 65,000-employee group by 10%, the people said. Pink slips are likely to be handed out Monday.
Emphasis added by me.
And:
Citigroup May Fire 10% of Investment-Bank Workers, WSJ Reports
June 22 (Bloomberg) -- Citigroup Inc., the bank that's lost more than any other in the collapse of the U.S. mortgage market, plans to fire as much as 10 percent of the about 65,000 employees worldwide in its investment-banking division, the Wall Street Journal reported.
The first notices in the round of dismissals may begin tomorrow, the newspaper said, citing people it didn't name. The New York-based bank, which has more than 350,000 employees, cut at least 9,000 workers as of March 31, the Journal said.
Emphasis added by me.
Oh, these layoffs are just a scratch.
You don't get to be Number One in losses and act like you have an itch.
They'll have to do actual amputations to survive.
Previously here:
No Wonder CitiGroup Is In Deep Shit
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