The Incredible Shrinking Citi

by Derek Loosvelt | June 23, 2008

This week Citi will begin to shed 10 percent of its 65,000-strong investment banking staff as part of a large-scale layoff plan announced previously this year.

One of the hardest hit big banks by the recent credit crisis, Citi has already cut about 9,000 bankers. The latest reductions—which will affect just about every investment banking division, including M&A and entire trading desks—are the first major move of John Havens, the head of Citi’s newly-created institutional clients group, which encompasses its old markets and banking unit as well as its alternative investments unit.

If you’re a Citi insider, or know more about the cuts sweeping across the bank, we welcome your comments below.

Filed Under: Finance


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