Citigroup to Cut 10 pct of Investment Banking Jobs

Citigroup Inc.,the largest U.S. bank by assets, is set this week to cut its roughly 65,000-employee investment banking group by 10 percent, The Wall Street Journal reported on Monday.

The latest bloodletting comes as the Wall Street giant's bad investments in mortgages and leveraged loans further cut billions of dollars from its portfolio.

Citigroup, which suffered nearly 15 billion U.S. dollars in losses over the past two quarters, is likely to see further massive write-downs in the second quarter, according to the report.

Until March 31, Citigroup had fired at least 9,000 workers from the group's 350,000 employees worldwide. Still, the coming cuts are perceived by analysts as unusual in scope and severit.

Source: CRIEnglish