City cuts bankers-Source
2022.12.12 13:20
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City cuts bankers-Source
Budrigannesw.com – Citigroup (NYSE:) Two people familiar with the situation stated that the company is cutting up to 50 jobs in the Europe, Middle East, and Africa (EMEA) region.
Citi declined to comment on the figure, which provides the strongest indication yet of how deep proposed cuts will run in the face of dealmaking slowdown, the Ukraine conflict, rising interest rates, and inflation.
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Around 6,000 people are employed by Citi worldwide in banking, capital markets, and advisory functions.
According to one source, most of the cuts would affect directors, and some managing directors would also leave.
Citi’s incomes from speculation banking dropped by in excess of a fifth in the second from last quarter from the past 90 days and were down 64% year-on-year.
