Citigroup Inc., the largest U.S. bank, plans to cut 2,000 investment banking and trading jobs to lower costs. Many of these cuts will happen in New York and London, while some will be made in other parts of Europe and Asia. The cuts are in addition to the 4,200 layoffs that chief executive Vikram Pandit announced in January.
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According to Bill Hackney, who oversees investments at Atlanta Capital Management Co., "Citigroup needs to cut costs, perhaps more sharply and quickly than rivals that are in better financial shape. Employment at large financial services firms like Citigroup could easily shrink 10 to 15 percent in the next five years."
Citigroup spokesman Adam Castellani said, "Each year we identify the bottom 5 percent of performers in the institutional clients group, and some number of these people leave the firm. This year, we will have a larger number of reductions as we continue to strengthen the business and lower our expense base."
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