Citigroup May Fire 10% of Investment-Bank Workers, WSJ Reports
By Jody Shenn
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.
``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 told the Journal.
Danielle Romero-Apsilos, a Citigroup spokeswoman, didn't immediately return a message seeking comment from Bloomberg News.
To contact the reporter on this story: Jody Shenn in New York at jshenn@bloomberg.net.
Last Updated: June 22, 2008 17:56 EDT
