Reuters reports that Citigroup has begun axing 50 investment bankers across its Europe, Middle East and Africa (EMEA) division as a programme of cutting 11,000 jobs hits the heart of the investment bank.
Back office areas like support and technology were singled out as those to be hardest hit, along with consumer banking in markets like Pakistan, Paraguay, Brazil and Hong Kong where Citi is scaling back its presence.
Three sources told Reuters that Citi has this week began laying off investment bankers in the division, with 50 positions to be eliminated imminently.
Of these, between 15-18 are at the Managing Director level, a source with knowledge of the plan told Reuters on Wednesday.
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