Bloomberg reports that Citigroup is thought to be close to firing 1,200 bankers and that further cuts may take place in February 2003 unless the market picks up in the meantime.
Although the financial giant has refused to comment on the number or nature of the latest cull, many of the latest casulties are thought likely to come from the group's investment and corporate banking divisions.
A spokesman for Salomon Smith Barney, the group's investment banking unit, has said: 'We continue a process of targeted reductions throughout our organisation that reflects current market realities and an going review of our business'.
Senior bankers are thought most likely to be at risk as the group continues to capture cost savings. Around 80 staff in investment banking in London are thought likely to be affected. The group has already cut around 3,600 investment and corporate bankers since September last year.