Report: Citi to Slash 900 Jobs, Eyes 3,000 More

By Matt Egan Features FOXBusiness


Adapting to the leaner times on Wall Street, financial conglomerate Citigroup (C) is reportedly preparing to cut 900 jobs and is mulling a deeper overhaul that would slash 3,000 jobs.

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If the cost-cutting moves come to fruition, Citi would join a slew of other big financial-services names to recently announce layoffs amid slumping earnings and a turbulent trading environment. Other companies to disclose job cuts include Goldman Sachs (GS), Bank of America (BAC), HSBC (HBC) and Barclays (BCS).

According to The Wall Street Journal, New York-based Citi is preparing to reduce 900 positions in its securities and banking division -- cuts that would amount to 5% of its global staff.

Under CEO Vikram Pandit, Citi is also exploring an elimination of 3,000 jobs, or 1% of its total workforce, the Journal reported. However, the report said that figure hasn’t been decided on yet.

The job cuts would mark a shift for Citi, which in April revealed plans to hire about 500 bankers and traders over a two-year period.

Shares of Citi slumped 1.93% to $27.48 Wednesday, outpacing a loss of 1.15% on the KBW banking ETF. Hurt by concerns about the economy and Europe’s scary sovereign debt crisis, Citi’s stock has tumbled more than 40% so far this year.