Report: Citigroup to slash 2,000 jobs

Citigroup plans to lay off 2,000 more bankers and traders before the end of the month, according to The New York Times.

Citigroup Inc. plans to lay off an additional 2,000 investment bankers and traders before the end of the month, people close to the situation told The New York Times.

The moves would come two months after the New York-based financial services company announced it plans to eliminate about 4,200 jobs, the bulk of the in the investment bank.
The new layoffs will bring the bring job cuts at Citigroup’s investment bank to 6,000, or about 10% of its employee base.
Citigroup has more than 320,000 employees worldwide.
Most of the cuts will come from the bank’s major offices in New York and London, the people said, though other markets in Europe and Asia could lose jobs, according to the report.
The layoffs will be spread throughout the unit, though traders are more likely to be at risk given the current market conditions.
Some bankers have already been notified, while others will be told in coming weeks, according to the report.
Citigroup did not immediately return a call for comment.