Citigroup broker analyst Bhatia departing
By Joseph A. Giannone
NEW YORK (Reuters) - Citigroup Inc brokerage and asset manager analyst Prashant Bhatia told clients in an e-mail Wednesday that his last day at the troubled bank will be Friday.
Bhatia, who covers investment banks Goldman Sachs and Morgan Stanley as well as brokers and asset management companies, leaves as Citigroup prepares to slash more than 50,000 of its 350,000 employees worldwide. Bhatia could not be reached immediately for comment.
Citigroup stock closed down 23.4 percent, or $1.96, to $6.40 on the New York Stock Exchange.
The company said Wednesday it agreed to repurchase $17.4 billion of formerly off-balance sheet investments, generating a loss. Citigroup has been hurt by exposures to mortgage securities, leveraged loans and other exotic instruments that no longer trade.
Last week, Goldman laid off its brokerage analyst, William Tanona, as part of 10 percent job cuts at that firm.
(Editing by Jeffrey Benkoe)
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