Citigroup Inc. is cutting hundreds of jobs across the company, with the Wall Street giant’s investment banking division among those affected.
The cuts amount to less than 1% of Citigroup’s 240,000-person workforce, according to people familiar with the matter, who asked not to be named discussing personnel information. Staffers across the firm’s operations and technology organization and US mortgage-underwriting arm are also among those affected.
The routine cuts are part of Citigroup’s normal business planning, the people say. There’s been no broad mandate for managers to cut staffers; instead, various divisions have been grappling with different reasons for the cuts.
