Top Firm Said Starting To Cut EMEA Heads

Heads down please.

Reuters reports that Citigroup has begun axing 50 investment bankers across its Europe, Middle East and Africa (EMEA) division as a programme of cutting 11,000 jobs hits the heart of the investment bank.

Citi announced the global cuts, equal to about 4% of the bank's workforce, in December as part of an effort to eliminate $1.1bn in annual costs by 2014.

Back office areas like support and technology were singled out as those to be hardest hit, along with consumer banking in markets like Pakistan, Paraguay, Brazil and Hong Kong where Citi is scaling back its presence.

Three sources told Reuters that Citi has this week began laying off investment bankers in the division, with 50 positions to be eliminated imminently.

Of these, between 15-18 are at the Managing Director level, a source with knowledge of the plan told Reuters on Wednesday.

Hit the link below to access the complete Reuters article:

Citi axes 50 investment bankers in Europe, Mideast, Africa

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image: © LukeStorry

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