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Citi begins more layoffs


Citi begins more layoffs


Citigroup has started a round of layoffs among its London-based investment bankers as it cuts 4,500 workers worldwide.

Two percent of its workforce is being laid off, including hundreds in Europe, the Middle East and Africa.

Several Citi insiders said they expect further cuts, possibly next year.

Severance pay and other expenses related to the layoffs will cost the bank 300 million euros.

Citi Chief Executive Vikram Pandit said the latest cuts would be completed over “the next few quarters”.

Citi reported higher quarterly earnings in the third quarter than a year earlier, helped in part by an accounting gain, but its investment banking was hurt by turmoil in European markets.

A tough six months for bond and stock markets as euro zone concerns spiralled is dragging on banks’ revenues, and firms across Europe, Asia and the United States have so far slashed well over 120,000 jobs in big cost-cutting drives.

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