Citigroup Inc. recently began a new wave of job cuts within its US-based investment banking division, as reported by Bloomberg. This information has been sourced from individuals who are in the know about the situation.
This purge wasn't discriminatory, as both high-ranking and junior-level employees were affected. Particularly, the departures of managing directors Yaseen Choudhury and Abhi Singhal, who were part of the financial technology team, have been highlighted.
These layoffs were not confined to one area but spread across various departments including equity capital markets, debt capital markets, financial sponsor coverage, and clean technology banking. Juan Carlos George, a New York-based managing director who was in charge of equity capital markets for Latin America, was among those who had to leave, according to the report.
Citigroup had earlier in the year announced its plan to reduce its workforce by 10% to bolster results. This would mean that about 20,000 of its employees would lose their jobs over an undefined "medium term".
At the end of 2023, Citigroup employed nearly 200,000 individuals, excluding those working in its Mexican operations, which were in the middle of a spin-off process.
