Hundreds of jobs shed at Citigroup
by Kay Murchie
Concerns grow that Britain and the City are heading for a recession which has resulted in
Citigroup shedding hundreds of London-based jobs.
In December 2007, the world’s largest bank posted a $9.83 billion net loss for the fourth-quarter, caused by an $18.1 billion exposure to the sub-prime mortgage debt.
The Citigroup retrenchment means that investment banks in London are believed to have shed nearly 1,000 jobs over recent weeks.
Citigroup, headed in Europe by Bill Mills, commenced a 4,200 global redundancy programme, the same day that some of its 11,000 Canary Wharf-based staff were told of their latest annual bonus payments, awards that have been blunted by the group’s sub-prime-related losses.
It is believed that Bank of America will also be announcing job cuts shortly, as they, like Citibank, have posted multi-billion-dollar write-downs following their exposure to the sub-prime mortgage market.
The Centre for Economics and Business Research, the independent research consultancy, is now forecasting at least 8,000 City job cuts this year - a 20% increase on its forecast last October.
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