November 6, 2008 / 11:44 PM / 12 years ago

Citi readies for another round of layoffs: sources

NEW YORK (Reuters) - Citigroup is drawing up lists of employees in a division including investment banking who will be let go in another round of layoffs, people with direct knowledge of the matter told Reuters on Thursday.

A man walks out of a Citigroup banking branch in New York in this September 29, 2008 file photo. REUTERS/Shannon Stapleton

The layoffs are part of Citigroup’s previously announced plans to reduce headcount by about 9,100 across the company by next October. The second-largest U.S. bank by assets has already eliminated about 23,000 positions this year.

Details of the upcoming round of layoffs in the institutional clients group have not been announced.

Some cuts will be in sales and trading and investment banking, and will be announced in coming weeks.

Reductions are expected in areas ranging from prime brokerage to structured finance to investment banking, according to people familiar with the matter.

Citigroup spokesman Dan Noonan declined to comment.

Citigroup has had several rounds of layoffs this year, and has cut positions outside these broader waves as well.

In the middle of October, 11 U.S. equity research analysts were laid off.

Citigroup had about 352,000 employees as of the end of September, about 58,000 of whom were in the institutional clients group, which includes alternative investments, global transaction services, capital markets and global banking.

At the end of 2007, the bank employed 375,000 people.

Reporting by Dan Wilchins; Editing by Ted Kerr

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