NEW YORK Citigroup Inc. on Tuesday joined the list of financial services companies that have announced layoffs as the market continues its march into bear territory.
A spokeswoman said that several hundred employees would lose their jobs, the majority of them in operations and technology positions in its corporate and investment banking unit, which includes Salomon Smith Barney and Citibanks corporate bank.
However, there will also be limited targeted reductions in the investment bank and capital markets businesses, said Arda Nazerian, a spokeswoman for the banking company.
Citigroup began notifying employees Tuesday.
The layoffs are both the result of continuing integration as well as staff reductions that reflect current market realities, Ms. Nazerian said. However, the company is also committed to building out the franchise and has hired a number of senior-level peopl within the past couple of weeks, she said.
Early last month Citigroup said it would try to eliminate up to $2 billion from its expense base without mass layoffs.