The employment outlook in NYC continues to darken. It has been widely reported this morning that Citigroup is set to announce a 10% reduction of workforce resulting in 6500 lost jobs. The WSJ reports that entire trading desks in New York and other cities will be fired as well as many staff in the M&A department. Pink slips will be distributed as early as today.
Citigroup May Cut 10% of Staff (CBSMarketwatch)
Citigroup Slashing Investment Banking Jobs This Week (Reuters/UK)
Citigroup To Cut 10% Of Investment Banking Jobs (WSJ)