Citigroup to slash jobs

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Rumors are that Citigroup is also going to have another big writedown.

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Citigroup Inc., in the latest sign of bloodletting on Wall Street, is set this week to embark on an aggressive round of layoffs within its investment-banking division, people familiar with the matter said.

The New York bank, which has suffered $15 billion in losses over the past two quarters and is likely to rack up billions of dollars in additional writedowns in the second quarter, this week will dismiss thousands of investment-banking employees world-wide as part of a plan to cut the roughly 65,000-employee group by 10%, the people said. Pink slips are likely to be handed out Monday.

WSJ, 22 Jun 2008

See jobs story here at Yahoo! .

Updates to follow.

See: Credit Crisis Timeline for a full list of writedowns and capital raising by institution and a timeline of the credit crunch.

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