Citi cuts global equity research coverage

A sign for Citibank marks the bank's entrance in Dallas, Texas October 9, 2008. REUTERS/Jessica Rinaldi

NEW YORK (Reuters) - Citigroup Inc C.N is laying off stock analysts globally as it cuts the number of companies it covers by 7 percent, a person familiar with the matter said on Wednesday.

In the United States, 11 analysts have been laid off, the person said.

Citigroup has about 350 equity research analysts globally. In August, the bank moved its equity research group out of its retail brokerage unit and into its institutional clients business.

Coverage of some stocks will be moved to other analysts. Layoffs will result in a temporary 9 percent reduction of the number of companies covered. After reassignments to other analysts, the permanent reduction will be 7 percent, the source said.

Citigroup declined to comment.

Reporting by Dan Wilchins, additional reporting by James Finkle in Boston and Nick Zieminski in New York