WASHINGTON (dpa-AFX) - Citigroup Inc. (C) initiated a new round of layoffs within its US investment banking division last week, Bloomberg reported citing people familiar with the matter.
The cuts impacted both senior bankers and those in junior positions. Notably, Managing Directors Yaseen Choudhury and Abhi Singhal, affiliated with the financial technology team, departed from the bank, according to the report.
Reductions were observed across various coverage areas, including equity capital markets, debt capital markets, financial sponsor coverage, and clean technology banking. Juan Carlos George, a managing director based in New York overseeing ECM for Latin America, was among those who exited, the report added.
Earlier this year, Citigroup said it planned to cut 10% of its workforce to improve its results. About 20,000 employees would be let go over the 'medium term.'
Citigroup had roughly 200,000 workers at the end of 2023, excluding its Mexican operations that were undergoing a spin-out process.
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