Citigroup is planning to lay off about 10 percent of its 65,000 employees, with the first cuts announced as early as today, The Wall Street Journal reported. The steepest cuts are expected in the mergers and acquisitions division, which was spared in a round of layoffs earlier this year. (MarketWatch) The largest banks and brokerages worldwide have cut more than 80,000 jobs since the subprime meltdown. (Bloomberg)
The Bottom Line
June 23, 2008
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